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Ripple CEO Calls Gensler and Clayton’s Meeting Before XRP Lawsuit “Bad Optics,” Here’s Why

Ripple

The XRP lawsuit seems far from over as the latest happenings in the case indicate a possible extension into the new year as well. What started as SEC’s crackdown on unregistered securities has taken a different turn as the case has progressed and now it seems SEC is the real defendant in the case as more discoveries are made. The biggest talking point in the case has been the association between current SEC chief Gary Gensler and former chief Jay Clayton and how Ethereum got a free pass with the same business model as Ripple.

Ripple CEO Brad Garlinghouse recently appeared on Fox to discuss the ongoing lawsuit, the position of Ripple, and the future of XRP in the US. During the interview, Garlinghouse questioned the meeting between Gensler and Clayton right before the XRP lawsuit and called it “bad optics.” He went on to reaffirm that Ripple won’t aim for settlement in the case unless XRP is cleared off as non-security.

The lawsuit which has been going on for 10 months now was filed towards the end of December in 2020, however, what made the lawsuit more questionable was its timing rather than accusations. The lawsuit was filed just days before Jay Clayton’s departure from the agency. Now, Ripple and several XRP proponents are claiming that the lawsuit was well planned to give Ethereum a push ahead in the market added with the fact that Clayton went on to join an Ethereum centered investment firm.

“Why is SEC Picking Winners and Losers?”

Ripple CEO stressed that a government agency’s job is not to pick winners and losers, rather it should enforce the law equally for everyone. Garlinghouse was referring to the free pass given to Ethereum and said,

“But Why is SEC is picking winners and losers….why a government entity deciding this is a winning one… but silence about other things “

The SEC lawsuit against Ripple is about distribution and sales of unregistered security while Ripple’s defence is more about Ethereum being security as well by the same definition and yet getting a free pass. While Ripple continues to make significant progress outside the US, the XRP price continues to suffer because of the lawsuit.

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First fund linked to bitcoin futures debuts on NYSE

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The Bangkok Post

NEW YORK: Bitcoin took another step closer to mainstream investing Tuesday with the launch of a new security on Wall Street tied to futures of the cryptocurrency. To mark the occasion, ProShares, leader in exchange-traded funds, a type of investment linked to an index, rang the opening bell of the New York Stock Exchange on Tuesday. The Bitcoin Strategy ETF, trading under the “BITO” ticker, rose 4.9 percent to $41.94 in its first session, an eagerly-anticipated event in the world of crypto-money that boosted bitcoin futures. The arrival of the fund helped propel bitcoin back near its all-time …

African Nation Ghana Prepares for the Offline Use of Its CBDC E-Cedi

The west African nation of Ghana has been pulling all gears to push further the use of its central bank digital currency (CBDC) e-Cedi. As per the latest development, the central bank of Ghana aims to bring e-Cedi use to offline transactions.

Meaning, that digital currency can facilitate transactions even without the need for power and connectivity. Kwame Oppong, who heads fintech and innovation at Ghana’s financial regulatory body said this on Monday, October 18, speaking at the Ghana Economic Forum. As reported by Bloomberg, he also noted:

“Financial inclusion is limited by the availability of connectivity and power. What we hope to be able to do – and we’re one of the people pioneering this – is that the e-cedi would also be capable of being used in an offline environment through some smart cards.”

As per the World Bank data, nearly half of Ghana’s population has access to the internet. Also, a staggering 84% of the people have access to electricity. Thus, the Bank of Ghana noted that the e-Cedi would be working offline via the use of smart cards.

China Working on A Similar Path

China, the leader in CBDC developments happening worldwide has also been working on a similar project for its Digital Yuan. The People’s Bank of China (PBoC) is also planning to implement a smart card-based solution for its Digital Yuan.

Here, users will be able to transfer the CBDC directly from their bank accounts to an offline card. However, payments giant Visa warned earlier this year that offline transactions for CBDCs are not a feasible option. Such an offline CBDC payments system can lead to counterfeiting and double-spending.

Over the last few months, the bank of Ghana has been aggressively working on getting its CBDC to the market. Similar developments have been seen in another African nation, Nigeria.

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Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF

Bitcoin etf

We are just a few hours away from the launch of the first Bitcoin ETF from ProShares, but there’s a new twist in the tale. Financial giant Invesco has decided to be out of the race while deciding it will not pursue it anymore. In a statement, the firm said:

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF”.

Invesco had been one of the forerunners in applying for a Bitcoin ETF with the U.S. SEC. Thus, the last-minute decision coming from the financial giant comes as a surprise to the bitcoin community. Along with Invesco, the SEC is facing the deadline for Bitcoin ETF applications from VanEck and Valkyrie this month.

Later today, October 19, the ProShares Bitcoin ETF will debut at the NYSE Arca Exchange. The BTC price has already rallied 40% this month of October amid strong anticipation of the first Bitcoin ETF in the U.S. As of press time, Bitcoin is trading at $62,434 with a market cap of $1.181 billion.

Grayscale Preparing for a Spot Bitcoin ETF

World’s largest digital asset manager Grayscale also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. Grayscale founder and CEO Barry Silbert confirmed the same.

Following a “clear, formal indication” from the U.S. Securities and Exchange Commission (SEC), Grayscale shall be filing for a spot ETF.

Silbert also aired his criticism to the futures-back Bitcoin ETF from ProShares and Valkyrie. It seems that Grayscale won’t be giving up to the SEC’s whims and will continue to aggressively pursue a spot Bitcoin ETF directly tracking the underlying asset.

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Ethereum Price Holds Bullish Case Aiming For $4,400

  • Ethereum price is still on track for all-time highs despite the resistance at $4,000.
  • The SuperTrend indicator and the MACD send buy signals, encouraging buyers to join the market.

Ethereum bulls are adamant about letting go of their grip on the price, perhaps because they are very close to the all-time high. In the days leading to last weekend, Ether sustained an uptrend whereby a real break was made above $3,600 and extended to $3,800. On Sunday, buyers nearly brought down the barrier at $4,000 but an unexpected obstacle at $3,980 cut short the upward action.

Ethereum Bulls Embrace Multiple Buy Signals

The most prominent smart contracts token is trading at $3,812 at the time of writing after recoiling from support near $3,600. Bulls believe that it is a matter of time before they make their way above $4,000. The short-term goal is to close the gap at the all-time highs around $4,400, a move that will blast Ether into the subsequent price discovery phase.

According to the daily chart, the technical picture mainly favors the bulls. For example, the SuperTrend indicator has recently flipped bullish. This indicator sends a buy signal when it closes the day below Ethereum’s price. If the technical picture stays the same, we expect Ethereum to remain in the bullish camp.

ETH/USD Daily Chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Similarly, the Moving Average Convergence Divergence (MACD) indicator moved above the mean line, thus adding credence to the bullish outlook. Realize that the MACD is a trend tracking tool that calculates the momentum.

As the 12-day EMA crossed below the 26-day EMA, the odds increased in favor of the uptrend. As long as the technical picture on the chart is unchanged, Ethereum has the potential to rally to $4,400.

On the other hand, bulls must focus on lifting above the supply zone marked red on the chart. A real break past this level will encourage more buyers to come to the market as investor risk appetite rises. In turn, giving ETH the momentum to hit a new all-time high.

Ethereum Price Intraday Levels

Spot rate: $3,822

Trend: Bullish bias

Volatility: Low

Support: $3,600

Resistance: $4,000

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Brazil Central Bank Report: citizens purchased $4.2 billion in crypto in 2021

Brazilians’ zeal for cryptocurrencies was recently confirmed by their 2021 crypto purchases. The exclusive Central Bank report revealed that the nation’s residents have bought $4.2 billion worth of crypto since January 2021. The latest purchase was registered in the month of August, amounting to $496 million. However, the highest purchase of crypto actives was marked in May, when Brazilians bought $756 million in crypto. Since then, no month has been able to beat May’s record high of over $750 million.

“Since then these numbers have been falling (US$695 million in June and US$583 million in July), but they are still much higher than what was seen at the beginning of the year: in February cryptoactive purchases were US$386 million and in March, $357 million.”, stated the report that takes cryptocurrencies as part of the commercial balance of products.

One-way Flow of crypto

Bruno Serra, the director of monetary policy of the Central Bank of Brazil spoke in a videoconference organized by the company Upon Global on Friday. He highlighted that the Brazilian investments in crypto actives abroad are potentially three times greater than in American shares. Furthermore, he asserted that Brazilians’ investment into crypto will only rise from this stage onwards. He notes that there is a potential to reach R$ 50 billion in crypto actives purchased by Brazilians.

However, Serra also mentioned Brazil’s inability to produce crypto in lieu of crypto production’s high energy consumption, noting the country’s one-way flow of cryptocurrencies in the present. He said, “It’s a one-way flow. Due to the cost of energy, Brazil does not produce crypto actives, it is just an importer”.

El Salvador may lead the regulated crypto sphere

As Bitcoin maintains above $62K, it is attracting more government institutions with each passing. With this, El Salvador’s controversially authoritarian Bitcoin Legal Tender stance might have been a blessing in disguise for the citizens. While President Nayib Bukele continues to receive considerable backlash for his BTC legal tender decision, he has not given up the fight. Earlier this month, he revealed that country has even started Bitcoin mining using volcanic energy to tackle the issue of wasteful energy consumption.

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Grayscale to reportedly convert the World’s Biggest Bitcoin Fund into spot ETF

Grayscale

The world’s largest crypto asset management firm, Grayscale is reportedly going to file an application to the SEC to convert the world’s biggest Bitcoin fund into spot ETF this week according to an anonymous source from the firm. CNBC’s report revealed that the ETF application will also have a 75-day review period. According to the source, Grayscale has been preparing to file its long-awaited Bitcoin spot ETF, following the footsteps of other competitors who are filing for futures-based Bitcoin ETF.

The long-term ETF strategy

Grayscale’s baby steps towards its Bitcoin ETF this year have been evident. From opening three independent crypto funds to ease the transition to an Exchange Traded Fund (ETF) to hiring the 20-year ETF veteran, Dave Lavalle as its first Global Head of ETFs, the crypto asset management giant has been determined to acquire Bitcoin ETF. Earlier this year, Grayscale CEO, Michael Sonnenshein asserted that the status of Bitcoin ETFs in the US is only the matter of “when” rather than “if.”

“A Bitcoin ETF here in the US is really a matter of when, not a matter of if…We’re looking for a couple of different points of maturation in the underlying market. That’s the final stages of what regulators need to approve those types of products.”, Sonnenshein told Squawk Box in an interview.

Spot vs. Futures backed Bitcoin ETF

As Bitcoin runs an impressive bull, staying above $62K, institutions are hopping on the Bitcoin ETF wagon. Grayscale’s Bitcoin Spot ETF application speculations are followed by SEC’s first approval of ProShares Bitcoin ETF that will track Bitcoin futures.

However, there lies a radical difference between the two. Futures-backed Bitcoin ETF will track the price of futures products and is linked to derivative contracts traded on the Chicago Mercantile Exchange instead of the actual Bitcoin. Furthermore, Grayscale’s Spot ETF will track the price of Bitcoin itself and not its derivatives. While spot ETFs are possibly more effective, yet companies are rushing to file for futures-backed Bitcoin ETF since the former lacks the SEC approval for now.

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Bitcoin ($BTC) Makes Historical Weekly Close as Crypto Market Cap Breaches $2.5 Trillion

bitcoin

Bitcoin ($BTC) bounced back from the weekend price corrections below $60K to make the highest weekly close in its history. $BTC price made the weekly close above $62K, marking the highest close in the decade-long existence, which is a highly bullish sign. The top cryptocurrency is currently trading at $62,331 with a 3% gain over the past 24-hours.

Bitcoin
Source: TradingView

The top cryptocurrency is also just another rally away from reaching all-time-high (ATH) as it is currently just 4% down from the ATH of $64,683. As $BTC bounced from a weekly price fluctuation, the crypto market cap also breached the $2.5 trillion mark for the first time in 5-months.  The supply of Bitcoin on centralized exchanges is at an all-time low indicating no signs of another market sell-off in the near future.

Bitcoin
Source: Glassnode

The market sentiment around the top cryptocurrency is highly bullish as the Fear & Greed Index indicates a sentiment of extreme greed among traders. $BTC has recovered nearly 50% of its value lost during the bearish September in just 3-weeks time, and as bullish momentum builds for the last quarter, many analysts are sure about $100,000 price by the end of this year.Bitcoin

What’s Driving the Bitcoin Bulls?

Apart from the fact that the final quarter of the year has proven bullish for Bitcoin, the major force behind the current rally is being attributed to the recent approval of the first-ever Bitcoin Futures ETF by the SEC in the form of ProShares BTC ETF. While Bitcoin proponents believe a Futures ETF would give regulators more control over the market and even make it expensive, the overall sentiment towards the decision is highly bullish given the historic value of the approval.

Santiment data shows that Bitcoin Futures ETF is one of the fastest-growing trends on social media indicating a bullish market sentiment.

Bitcoin

The top cryptocurrency can reach a new ATH by the end of the day or within this week. Looking at the debate around the Bitcoin Futures ETF, market analysts believe people would be better off buying spot BTC than ETF investment at the time.

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First fund linked to bitcoin futures debuts on NYSE

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Published by
AFP

New York (AFP) – Bitcoin took another step closer to mainstream investing Tuesday with the launch of a new security on Wall Street tied to futures of the cryptocurrency. To mark the occasion, ProShares, leader in exchange-traded funds, a type of investment linked to an index, rang the opening bell of the New York Stock Exchange on Tuesday. The Bitcoin Strategy ETF, trading under the “BITO” ticker, rose 3.1 percent to $41.03 in its first session, an eagerly-anticipated event in the world of crypto-money that boosted bitcoin futures. Unlike mutual funds, which are traded only once a day, ETFs ca…

Bitcoin Price Prediction: BTC Return To $62,000 Extends Winning Streak Aiming For $68,000

Trading Techniques

  • Bitcoin price returns above $62,000 and nearly touches $63,000 for the first time since mid-April.
  • As affirmed by the general technical picture, BTC is in the bulls’ hands; a break above $65,000 would quickly push BTC to $68,000.

Bitcoin settled above $62,000 following an impressive run last week. The move allowed more bulls to join the market amid rising speculation that the flagship cryptocurrency is only beginning this bull cycle.

The weekend saw Bitcoin stretch the bullish leg higher above $62,000, where it almost brushed shoulders with $63,000. BTC had not traded at this level since mid-April, just before the crash began.

Bitcoin trades at $62,050 at the time of writing. A minor retracement from the weekend highs rebounded after confirming support at $59,000. As long as Bitcoin holds onto $62,000, bulls will focus on the all-time highs near $64,000 and later stretch the leg to $68,000.

Bitcoin Price Uptrend Gradually Brings Down Critical Barriers

The general technical picture on the daily chart is strongly positive, starting with the Moving Average Convergence Divergence (MACD) indicator. With this trend following toll on an upward roll above the mean line, the odds strongly favor the bulls.

Similarly, the Relative Strength Index (RSI) suggests that buyers have the upper hand as it snakes into the overbought region. Like the MACD, the RSI follows the asset trend but calculates the strength from the bulls and the bears. A consistent upward movement implies that Bitcoin is in the hands of the bulls.

BTC/USD Daily Chart

BTC/USD price chart by Tradingview
BTC/USD price chart by Tradingview

At the same time, the 100 Simple Moving Average (SMA) is on the verge of crossing above the 200 SMA. Although the result of this would not be a golden cross, the index’s appearance helps validate that buyers are in control, and we can expect Bitcoin to keep the uptrend intact.

Bitcoin Intraday Levels

Spot rate: $62,112

Trend: Bullish

Volatility: Growing

Support: $60,000 – $59,000

Resistance: $64,000 – $65,000

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