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US Securities and Exchange Commission rejects 9 Bitcoin ETF’s requests.



The U.S. Securities and Exchange Commission (SEC) has rejected an aggregate of nine applications to rundown and exchange exchange-traded funds (ETFs).

The U.S. Securities and Exchange Commission (SEC) has rejected an aggregate of nine applications to rundown and exchange different Bitcoin (BTC) exchange-traded funds (ETFs) from three distinct candidates, as indicated by three separate requests distributed by the SEC today, August 22.

The dissatisfactions come one day in front of the foreseen due date, August 23, stipulated for a couple of BTC ETFs that had been put together by ProShares in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca.

The SEC has now dismissed a further seven proposed ETFs close by the ProShares combine – these being five further proposed ETFs from Direxion, additionally to list on NYSE Arca – and two recommendations from GraniteShares, for posting on CBOE.

For every one of the three dissatisfactions, the SEC has expressed that:

“The Commission is opposing this proposed control change on the grounds that, as talked about beneath, the Exchange has not met its weight under the Exchange Demonstration and the Commission’s Guidelines of Training to exhibit that its proposition is steady with the necessities of the Exchange Demonstration Section 6(b)(5), specifically the prerequisite that a national securities exchange’s tenets be intended to avert fake and manipulative acts and practices.”

The SEC has today strengthened its misgivings over deficient “protection from value manipulation” in an inadequately estimated BTC subsidiaries showcase. On account of ProShares’ two ETFs – and rehashed in the two other dissatisfaction orders – the SEC has expressed that:

“In addition to other things, the Exchange has offered no record confirmation to exhibit that bitcoin prospects markets will be ‘markets of huge size.’ That disappointment is basic on the grounds that, as clarified underneath, the Exchange has neglected to set up that different intends to anticipate deceitful and manipulative acts and practices will be adequate, and consequently observation imparting to a directed market of huge size identified with bitcoin is fundamental.”

As a Walk, 2018 enlistment explanation from the SEC noticed, “the [ProShares] Funds don’t expect to hold Bitcoin Prospects Contracts through termination, however rather plan to either close or ‘roll’ their individual positions.” This had been particularly assigned as a potential hazard for the two ETFs being referred to – notwithstanding the “extraordinary unpredictability and low liquidity” ascribed to both Bitcoin spot and subordinates markets.

In the present three requests, the SEC has anyway outstandingly expressed that:

“[The agency] accentuates that its dissatisfaction does not lay on an assessment of whether bitcoin or blockchain innovation all the more by and large, has utility or incentive as an advancement or an investment.”

The SEC’s new objections resound the worries the office had officially verbalized in its underlying dismissal of a prominent Bitcoin ETF application from the Winklevoss twins in Walk 2017:

“At the point when the spot market is unregulated – there must be critical, directed subsidiaries markets identified with the fundamental resource with which the Exchange can go into an observation sharing assention.”

This July the SEC rejected the Winklevoss’ appeal to following their underlying application’s foreswearing, in which the twins assert that crypto markets are “extraordinarily impervious to manipulation.” In their dismissal of the request, the office said that “the record before the Commission does not bolster such a conclusion.”

Toward the start of August, the SEC deferred its choice over yet another Bitcoin ETF application – this time recorded by investment firm VanEck and monetary administrations organization SolidX, for exchanging on CBOE. Quite, rather than proposing a Bitcoin prospect based reserve, the application proposed a physically-sponsored display, which will bring up the further issue of guardianship.


Cryptocurrency Price Analysis: Great Week for the top 10



The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.



BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.



ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).


The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon



Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.


Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.



The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on


Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019


The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.


The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.


During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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