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SEC Set to Begin Fresh Consultation Period on CBOE-VanEck Bitcoin ETF

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SEC Set to Begin Fresh Consultation Period on CBOE-VanEck Bitcoin ETF

United States regulator the Securities and Exchange Commission (SEC) says it will shortly commence the countdown period to approval or disapproval of the VanEck/SolidX Bitcoin exchange-traded fund (ETF). The news was announced in an unpublished notice that was filed on Feb. 19.

The move is the latest in a series of back-and-forth exchanges between the SEC and ETF sponsors.

The Chicago Board Options Exchange (CBOE) — the exchange applying with the SEC to list the Bitcoin ETF — had withdrawn its application for a rule change on the ETF in January, ostensibly due in part to the U.S. government shutdown. CBOE then resubmitted the application for consideration at the end of the month.

In line with the law, the SEC must now make a decision about whether to allow the ETF to launch within 90 days from the date the notice is published — set for today, Feb. 20.

As is standard practice, the notice states:

“WITHIN 45 DAYS OF THE DATE OF PUBLICATION OF THIS NOTICE IN THE FEDERAL REGISTER OR WITHIN SUCH LONGER PERIOD UP TO 90 DAYS (I) AS THE COMMISSION MAY DESIGNATE IF IT FINDS SUCH LONGER PERIOD TO BE APPROPRIATE AND PUBLISHES ITS REASONS FOR SO FINDING OR (II) AS TO WHICH THE EXCHANGE CONSENTS, THE COMMISSION WILL:

A. BY ORDER APPROVE OR DISAPPROVE SUCH PROPOSED RULE CHANGE, OR

B. INSTITUTE PROCEEDINGS TO DETERMINE WHETHER THE PROPOSED RULE CHANGE SHOULD BE DISAPPROVED.”

Last week, the SEC began the same type of review period for a Bitcoin ETF from the NYSE Arca exchange. The exchange had filed a rule change proposal to list and trade shares of the Bitwise Bitcoin ETF Trust. The SEC notice of the start of the review period was published on Feb. 15.

As Cointelegraph previously reported, the same approval process has in fact led to several lengthy delays on SEC decisions. CBOE and NYSE Arca are some of the firms that have persisted, despite the raft of rejections experienced by other operators beginning in March 2017.

Nonetheless, cryptocurrency industry commentators increasingly agree that an approval is ultimately inevitable once market conditions meet the SEC’s requirements.

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Indian Minister: No Official Ban on Cryptocurrencies in India Yet

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India’s Minister of State for Finance Anurag Thakur has said that there is no law in India expressly prohibiting the use of cryptocurrencies. Local media outlet Inc42 reported Thakur’s statement on July 19, 

The statement came during a recent exchange between a Member of Parliament (MP) and Thakur inside of Rajya Sabha — the “Council of States” or upper house of Indian legislature.

MP Dharmapuri Srinivas reportedly asked Thakur about whether cryptocurrency was actually illegal. Srinivas apparently followed up his first question on legality with others on information and enforcement, asking:

“Whether the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market?”

Thakur reportedly replied in the negative. 

Elaborating on the country’s position, Thakur said that there is no law specific to crypto to refer to. Cryptocurrency activities are reportedly only actionable offenses if they violate preexisting laws, which can be enforced by entities including the RBI, enforcement directorate, and income tax authorities.

As previously reported by Cointelegraph, an unverified, leaked bill draft entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” would ban all “non-official” cryptocurrencies. It defines cryptocurrencies as: 

“Any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”  

However, this definition leaves India the option of issuing a digital Rupee, which the bill also proposes.

source;.fxstreet

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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis

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Bitcoin Cash – ABC – on the Move, again…

Bitcoin Cash ABC fell by 2.01% on Friday. Partially reversing an 8.88% rally from Thursday, Bitcoin Cash ABC ended the day at $307.86.

Bearish through the morning, Bitcoin Cash ABC fell from an early intraday high $315.29 to a late afternoon intraday low $296.16.

Bitcoin Cash ABC steered clear of the major support and resistance levels in a relatively range-bound morning.

Finding support through the 2nd half of the day, Bitcoin Cash ABC managed to end the day back at $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 2.45% to $315.41. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $307.86 to a high $316.13.

In spite of the early rally, Bitcoin Cash ABC fell short of the first major resistance level at $316.71.

For the day ahead, Bitcoin Cash ABC would need to steer clear of $307 levels to take another run at the first major resistance level at $316.71.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $316 levels. In the event of a broad-based crypto rally, the second major resistance level at $325.57 could come into play.

Failure to hold above $307 levels could see Bitcoin Cash ABC test the first major support level at $297.58 before any recovery.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of sub-$290 support levels. In the event of a sell-off, the second major support level at $287.31 should limit any downside on the day.

Litecoin Struggles at $100

Litecoin declined by 2.61% on Friday. Partially reversing a 12.37% gain from Thursday, Litecoin ended the day at $98.75.

Tracking the broader market, Litecoin fell from an early morning intraday high $101.67 to an early afternoon intraday low $94.97.

Whilst steering well clear of the major support and resistance levels, Litecoin fell through the 38.2% FIB of $99.

Finding support through the late afternoon, Litecoin broke back through the 38.2% FIB before easing back at the day end.

The 38.2% FIB of $99 proved the be the resistance line on the day.

At the time of writing, Litecoin was up by 0.89% to $99.63. A mixed start to the day saw Litecoin fall to a morning low $97.53 before finding support.

Steering clear of the major support levels, Litecoin broke through the 38.2% FIB to strike a morning high $101.33 before easing back. Litecoin came up short of the first major resistance level at $101.96 early on.

For the day ahead, a hold above the 38.2% FIB of $99 would support another run at the first major resistance level at $101.96.

Litecoin would need the support of the broader market to fuel any break out from $101 levels, however.

Barring a crypto rally, the first major resistance level and Friday’s high $101.67 would likely cap any upside on the day.

Failure to hold above the 38.2% FIB of $99 could see Litecoin test the first major support level at $95.26.

Barring a crypto meltdown, Litecoin should steer well clear of the second major support level at $91.76.

Story continues

Ripple’s XRP Hits $0.33 Levels

Ripple’s XRP slipped by 0.26% on Friday. Following a 3.10% gain from Thursday, Ripple’s XRP ended the day at $0.31941.

Bearish through the morning, Ripple’s XRP fell from an early intraday high $0.32244 to an early afternoon intraday low $0.3100.

Ripple’s XRP steered clear of the major support and resistance levels through the first half of the day.

Finding support from the broader market, Ripple’s XRP managed to move back through to $0.32 levels before a late pullback.

At the time of writing, Ripple’s XRP was up by 3.04% to $0.32911. A particularly bullish start to the day saw Ripple’s XRP rise from a morning low $0.31822 to a high $0.33300.

Ripple’s XRP broke through the first major resistance level at $0.3246 and second major resistance level at $0.3297.

For the day ahead, a hold above the first major resistance level at $0.3246 would bring $0.33 levels back into play.

Barring a broad-based crypto rally, however, Ripple’s XRP would likely struggle to hold onto $0.33 levels through the day.

In the event of a crypto rally, Ripple’s XRP could take a run at $0.34 levels before any pullback.

Failure to hold above the first major resistance level could see Ripple’s XRP hit reverse. A fall through to $0.3170 levels would bring the first major support level at $0.3121 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.31 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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Cryptocurrency is Part of the Global Currency War, Says Federal Reserve Branch Head

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Cryptocurrency has found itself on the center stage of the global political sphere over the past several weeks, which first began when Fed Chair Jerome Powell compared Bitcoin to gold. Shortly after this, US President Donald Trump shared his thoughts on BTC, which sparked what appears to be a regulatory crackdown on the nascent markets.

Now, the President of the St. Louis Federal Reserve is noting that cryptocurrencies are the newest entrants to the ongoing global currency competition, which means that, in his view, crypto is increasingly becoming a competitor to fiat currencies like the US Dollar.

Cryptocurrency Can and Is Competing with Fiat Currency, Claims St. Louis Fed President

Many cryptocurrency advocates have long claimed that the decentralized aspects of Bitcoin are what make it a better alternative to the US Dollar and other fiat currencies, but as of late it has become unclear as to whether or not Bitcoin is like a “Dollar 2.0”, or more like a “gold 2.0.”

Recently, Fed Chairman Jerome Powell explained during a recent testimony in front of the US Senate that as of now Bitcoin is more comparable to gold, as it is primarily used as a “speculative store of value,” and that its somewhat infrequent use for transactions negate its status as a currency.

Despite this, James Bullard, the President of the St. Louis Federal Reserve, recently noted that cryptocurrencies are still creating a movement towards having a non-uniform currency in the United States, which signals that they are in fact competitors to fiat currency.

“Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced,” he explained during a recent presentation.

Furthermore, Bullard also explained that he believes cryptocurrencies are the newest entrants into what he describes as the “ongoing global currency competition.”

“I want to view cryptocurrencies of various types as new entrants into the ongoing global currency competition,” he said.

Crypto Trend Could Lead to a Non-Uniform International Currency System

One key aspect of Bitcoin that makes it unique from fiat currencies is that it is borderless, and its utility is not limited by geographical regions.

That fact has led Bullard to believe that the increasingly popular crypto trend is ushering in a new era of global finance, which could result in the formation of a non-uniform global currency system.

“I am arguing that the current cryptocurrency wave may be driving the U.S. uniform currency system toward something more like the international non-uniform currency system,” he boldly stated.

Although only time will tell as to whether or not the rapidly growing popularity of the crypto markets will be enough to start altering (or moreover, modernizing) the global finance system, there’s no question the Bitcoin helped create, and is largely the result of, the global population yearning for a more decentralized world.

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