Winklevoss Bitcoin ETF Petition Rejected by SEC – Crypto world curses the suits
You might be asking, “What’s all this ‘ETF’ business about and why is it so important”? Well you’re in luck because we posted a full article last week on how ‘Bitcoin ETF Approval Could Be Huge For Crypto‘.Tl;DR Exchange Traded Funds could be a HUGE deal for Bitcoin and cryptocurrency in general if and when they get approved.
But what is an ETF, exactly? Well an ETF is defined as a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. This means that the fund can be traded like a common stock and the ETF also experiences price changes throughout the day as they are bought and sold. Nifty, and a great investment vehicle for the masses. Unfortunately the door was slammed shut by some dudes wearing suits at the SEC. On to The Dispatch!
The overall cryptocurrency market had steady decline in the past week moving from $292bln to $286bln representing a 2% decline since the last Dispatch. As you can see below, the pretenders suffered most from BTCs decline.
Bitcoin (BTC): BTC had a chaotic week shaking out the weak and timid (hahaha thats me) surging to $8k then dropping to $7,800 before finally settling on $8,000. Week to week that represents a near 0% change. Never a dull week in the crypto world, huh fam?
Ethereum (ETH): Was holding on until today when it suffered a daily drop of 5% adding to it’s weekly loss of 7%. ETH has struggled to return to the $500 mark over the past month, and we don’t expect that to change all too soon. ETH is currently sitting at $436 as of this post.
OMISEGo (OMG): OMG is the token attributed to the OmiseGO platform, an offshoot of the well-established Omise e-commerce payment company based in Thailand.
Omise is kind of like the PayPal of SE Asia. The company acts as a payment gateway allowing people to transfer money to third party bank accounts, and the underlying service is simply value exchange. That’s a lot of features including a decentralized exchange, a white label SDK (software developer kit for making apps), and a clearinghouse technology product..to name a few. It’s a promising project with strong fundamentals.
As you can see in the graph below OMG had it’s parabolic phase at the start of 2018 but has slowly retraced to December 2017 support. OMG reached an ATH of $24.71 in January and is now finding support at $6.81. That’s a 75% retrace! Hope you didn’t buy the top.
If you want to know more about OmiseGo check out our guide!
WHAT’S NEW AT CRYPTO IS COMING
SEC Commissioner protests SEC’s rejection of Winklevoss Bitcoin ETF – The Winklevoss Bitcoin ETF was rejected….again.
Lightning Network: How far away is it? – We’ve talked about the Lightning network before, but now we are seeing significant progress into the second layer scaling solution made by Lightning Labs that we had to revisit it.
Lisk Invests $1 Million in Lisk-Focused Blockchain Incubator – In an effort led by Lisk’s community members, the first-ever Lisk-based blockchain incubator, Elite Center, was announced in China earlier this month.
The Ox Ecosystem Visualized – The 0x protocol is a favorite DApp for many cryptocurrency enthusiasts. Decentralized exchanges have the potential to fundamentally change how people interact with market places and drastically minimize counter-party risk. the 0x protocol is being used for much more than decentralized exchanges (DEXs) and has the potential to impact a wide variety of industries.
Millennials will love Cryptocurrencies – Really interesting presentation from Fundstrat on the economics of Cryptocurrencies. Millennials will lead the way. Millennials constitute people that are born between 1981 and 2000. That’s 96 million people, the largest generation in history, dwarfing baby boomers (80 million) and GenX (65.8 million).
Cryptocurrency App Checklist for 2018: Take your Game to the Next Level – In this cryptocurrency app roundup, we take you on a journey through the information platforms keeping traders, enthusiasts, developers, speculators and casual observers alike clued into the world of virtual currencies.
Exclusive: IOST Opens Up About Its Recently Launched Referral Program – A week ago IOST launched what’s been called ‘the largest referral program in the history of cryptocurrencies.’ Some Reddit users have claimed the company is making a play for increased market share and visibility, in a similar manner to what Tron did not so long ago.
Ernst and Young Acquires Crypto Asset Accounting Tool – Ernst & Young has recently acquired a number of technological assets and their respective patents from Elevated Consciousness Inc., a startup actively working on developing new solutions for the crypto asset industry.
Institutions Are Coming! But What Does It Mean? – Institutional money coming to crypto has become almost a kind of prayer, touted by Twitter influencers and news outlets alike. Make no mistake – all the signs point to a major influx of institutional investment in the crypto space, with CBOE applying for ETF approval and Goldman Sachs greenlighting Bitcoin futures.
Top DAPPs by users and volume – One of the major innovations that blockchain technology has brought to the table, besides the public ledger and cryptocurrency, is the creation of Decentralized Applications (DAPPs).
You Can Now Become a Citizen of Antigua and Barbuda Using Cryptocurrencies – The Caribbean Islands have taken another step to embrace cryptocurrencies. The government now accepts cryptocurrency payments for its citizenship program.
Beginner’s Guide to Robinhood App – Today we gonna look at this app in detail to know what the noise is all about
Cops Arrest Hacker for stealing $5 million worth of Crypto! – A few weeks ago California police arrested a 20 year old college student for stealing over $5 million worth of cryptocurrencies.
CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
Coinbase announces a new deal to let you pay for your Uber with crypto – Coinbase has today revealed a new partnership that will allow you to pay for physical goods and services from your favourite retailers with cryptocurrencies.
Canadian Bitcoin ATM Company Hits $2M in Daily Volume – Vancouver-based Bitcoin ATM software provider Netcoins has today announced its daily transactional revenue across Canada, Europe and Australia has reached $2M USD (approximately $2.6M CAD) in a single day.
Binance Will Face Tough Competition in South Korea in New Market Expansion – Binance, the world’s largest cryptocurrency exchange, is planning an expansion into South Korea, the third biggest cryptocurrency market behind Japan and the US.
Ethereum Founder Vitalik Buterin: There Is Too Much Emphasis on Bitcoin ETFs – What does Vitalik know about Finance? Pfff.
BITCOIN WILL REPLACE GOLD AND SOAR IN PRICE TO $700,000, SAYS MAJOR INVESTOR – All caps babay, for emphasis. Bitcoin is better than gold “on every front” and could eventually be worth around $700,000, according to an institutional investor. says John Pfeffer. Preach John, PREACH!
Crowd Psychology Driving BTC Prices, Finance Experts Say – According to a survey conducted among finance professionals, ‘crowd psychology’ is the main factor determining the movements of bitcoin market prices.
AMD Sees Q2 Drop in GPU Sales to Crypto Miners – Chip maker Advanced Micro Devices (AMD) said Wednesday that sales of graphics cards (GPUs) to cryptocurrency miners fell during the second quarter.
Telegram Reveals Personal ID Verification Tool for Sharing Data with ‘Finance, ICOs’ – The crypto and blockchain industry’s go-to encrypted messenger app Telegram has released a personal identification authorization tool, according to an official statement published July 26.
New Gallup Poll Shows Only 2% Of US Investors Own Bitcoin, But 26% Are “Intrigued” – The results of a Wells Fargo/Gallup poll published July 27 finds that only two percent of U.S. investors own Bitcoin, but 26 percent are intrigued by it.
Google bans cryptocurrency mining apps from the Play Store – Google has updated its Play Store developer policies to ban several more categories of apps, including cryptocurrency mining ones and apps with disruptive ads, as reported by Android Police.
Coinbase now offering cryptocurrency gift cards for easier real-world spending – Major bitcoin exchange Coinbase launched a feature yesterday that lets its European customers buy virtual gift cards with cryptocurrency.
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