5 Bitcoin ETF is On Agenda Today: SEC’s Delay Until September

sec regulation

The decision on approving or disapproving the rule change of 5 bitcoin-related exchange-traded funds was postponed by the Securities and Exchange Commission (SEC) till September 21.

This fact was stated in the latest edition of the Federal Register. Five Bitcoin ETFs include Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares. The application was filed by fund provider Direxion.

According to the Bitcoinist, Direxion Asset Management LLC planned to list those Bitcoin ETFs on Intercontinental Exchange Inc’s NYSE Arca, so that in January the Arca Inc. sought approval to list and trade their Bitcoin ETFs.

You would think that the whole crypto world is waiting for the SEC to approve these funds, however, some people still are against of it. CNBC reported that chief investment strategist at Atlantis Asset Management, Michael Cohn, said that any approval would be “insane”. Moreover, he doubts that “governments want to go there yet”.

It`s important to notice that there wasn`t any mention about VanEck and SolidX, who continue to make a case for their approval. On July 20, VanEck sent a letter to the SEC, expressing the belief that the industry is ready to accept and support the ETF. The letter states that VanEck has qualified answers to the questions of the cryptocurrency valuation, its liquidity, etc. Furthermore, they believe that the proposed ETF will meet the SEC’s task of protecting investors.

It is important to notice that previously the SEC rejected all applications for the launch of Bitcoin ETFs. Also, we would like to remind you that Coinbase exchange admitted that it was wrong stating that it got an approval from the SEC.

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Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

In this article we will talk about the most famous bitcoin`s hard fork – the Bitcoin Cash: it`s advantages and disadvantages, forecast for the future, as well as the hard fork, which will happen on November 15, 2018.

Content:
(please, click the topic to scroll down to it)

  1. Briefly about the Bitcoin Cash and comparison with Bitcoin
  2. Disadvantages of Bitcoin Cash
  3. Briefly about the hard fork Bitcoin Cash
  4. Conclusion

1. Briefly about Bitcoin Cash and comparison with Bitcoin

The main popularizer of the “new” coin is Roger Ver. He is quite famous person in crypto world. He was one of the first cryptocurrency investors. Due to increased attention to this industry, he became known as Bitcoin Jesus. But later, Ver decided to actively promote the hard fork (a branch) of the first cryptocurrency – the Bitcoin Cash. The network split occurred on August 1, 2017.

What is the difference between the BTC and the BCH?

  • Increasing of transaction`s speed in several times. The main feature of the new coin is an increased block`s size to 8 MB. On May 15, 2018, developers released the update, after which the block`s size increased to 32 MB. This solution made it possible to record much more transactions in one block, and thereby to increase network bandwidth.
  • Low commissions. Bitcoin Cash has very small commissions $0,05 – $0,010, which is significantly lower than that of the “older brother” $8 – $15.
  • With the current network load, a queue of unconfirmed transactions does not exceed 200 – 250, whereas with the original Bitcoin, this number can reach 7,000 – 10,000.

2. Disadvantages of Bitcoin Cash

Significant disadvantage of this fork is the automatic adjustment of the network`s computing complexity. Unfortunately, it has direct dependence on the speed of extraction of new data. That is, if for a certain amount of time miners get an insufficient number of blocks, then complexity decreases. This pattern works in both directions.

Miners started to use this vulnerability and got BCH in periods of complexity recession, and when the situation changed, they turned to BTC. Such actions led to the network`s destabilization and increased volatility of the BCH rate. This problem has not been solved till this day, but the development team manages to restrain it.

Cryptocurrency investors do not consider Bitcoin Cash as a long-term asset yet. This coin is more used as a speculative tool. For this reason, at the moment BCH has rather vague and uncertain future.

3. Briefly about the hard fork Bitcoin Cash

The hard fork of Bitcoin Cash was on November 15, 2018. After this event, the network received two incompatible consensus protocols BCHABC и BCHSV. The community of coin divided into two parts: on the one hand Roger Ver, and on the other Craig Wright. The outbreak of the conflict is considered to be Bitcoin ABC update, which began to support smart contracts and atomic swaps. In response to this update, Craig Wright offered the community his vision for the future development of the project. He proposed to increase the block`s size up to 128 MB. Such decision was not supported by Roger Ver and his part of miners. Because of this, another coin will now appear in the cryptocurrency world.

This is very good news for BCH holders. The matter is that after hard fork, investors received the same amount of coins of the new network, which complies with their BCH`s balance.

Against this background, the Bitcoin Cash rate grew up by almost 50% only for the first week of November.

Source: https://coinmarketcap.com/

This growth was artificial, therefore, we observed the same rapid rollback before the hard fork.

Source: https://coinmarketcap.com/

4. Conclusion

Bitcoin Cash is a project with rather big ambitions, ultimate goal of which is to push the original Bitcoin from the first place. In fact, BCH has fewer problems with scaling, and also can boast of low transaction commissions. But on the other hand, there is conflict between developers, still unsolved problem of automatic control of complexity, as well as increased volatility. Now it is hard to make long-term forecasts for Bitcoin Cash, as it is not clear yet, which of two networks will be more stable.

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Three Hellish Days for Cryptocurrency: Reasons of The Fall of The Currency and What To Do Next?

The current condition of the cryptocurrency market raises a number of question from traders. For the third day, the industry is either trying to revive Bitcoin and other cryptocurrencies, or just watching the collapse of the course.

The question of what caused the collapse of the market and what should do those who still have cryptocurrency  – makes world crazy. That is why, The Coin Shark have found answers for all of these questions and analysed per minute history of the fall of currency of Bitcoin.

The Chronology of the fall from 14th to 16th November

Wednesday, November,14 , Bitcoin break another 2018 bottom.  According to data of CoinMarketCap, at 11:34 UTC the rate of the first cryptocurrency behaved stably, being at $6 365.

Nothing foretold troubles, but at 17:19 UTC began unexpected fall, which last till the 19:19 UTC, where the price of BTC remained in half-dead condition at $5 765. Therefore, the capitalisation of the marked fell to $102 billion.

After that, Bitcoin started to resist. In 20:04 UTC the currency show vital signs, increased to $5 858. But still, the end of 14th November was not a happy ending. In 22:48 UTC was settled a new record – $5 568.

Source: https://coinmarketcap.com/

If compare the data with an individual market, then on a Bitstamp the price of the BTC has already dropped to $5 534, and on the Kraken – $5 510. Last two weeks, Bitfinex exchange trade Bitcoin more than $6 000 per each unit.

It turned out, that the 14th of November was still far from the end of BTC fall. According to CoinMarketCap, Thursday, November, 15, at 17:04 UTC, Bitcoin shocked everybody with the course of $5 358. On Bitstamp the first cryptocurrency down to $5 446, and on the Bitfinex – $5 638. At this point, this is the lowest course from the end of October, 2017.

Source: https://coinmarketcap.com/

The condition of the cryptocurrency market for the last year is unstable. It is accompanied by unexpectable highs, as well as painful falls. But not only Bitcoin drop it’s price position on 14th of November. Together with it, into a deep red zone came the major part of other cryptocurrencies. In doing so, the total capitalisation fell by $190 billion.

Source: https://coinmarketcap.com/

At the writing of this article, 16th of November, the condition of the cryptocurrency market is still in critical position – the course of Bitcoin stood at $5 500, and Ethereum backed down the second place in capitalisation Ripple.

Source: https://coinmarketcap.com/

What caused the collapse?

Just think about it, less than 24 hours ago, it was possible to sell the BTC on a thousand dollar higher. Probably, it is impossible to define why “the foundation was cracked” under the cryptocurrency, as for the example it can be done in a regular market. In the digital, the effect is first  seen and only than the reason becomes known.

Reason #1: Contagious effect

On the basis of past, the cause of the fall have psychological nature.
For example, people are massively starting to buy cryptocurrencies or fanatically selling.

Reason #2 : Direct correlation

Each financial currency  pegged to its government, as for the example dollar – to the US economy. Cryptocurrency pegged with the people, which are both buying or selling it.

Reason #3: Global Bitcoin influence

Ironically, but there is a theory, that the general condition of the cryptocurrency is affected by Bitcoin. The value of all digital market is estimated in $182 billion, the $90 billion of which belongs to BTC. The majority of cryptocurrencies  should be transferred especially in Bitcoin, before the sale.
And now imagine, that selling of Bitcoin will start simultaneously several major players of the market. After this, the BTC prices are lowering, and this cause  the panic attacks more than ones: “ Buy everything and as quickly as possible, while the price is low!” – this makes the course to grow.

What should do the owners of cryptocurrency: sell or wait?

It depends on the inner aspects of each owner. Even when the course is rising – it still have cycles of fall.

Who and how will affect the collapse of rate?  

Cryptocurrency is the unstable tool. It’s system decentralised and doesn’t have the management center. Digital currency should strengthen the positions, so it can give the accurate forecast for the future. But, it appeared, that this fall will have no affect on ordinary users.

There is no denying, that in a consequence many crypto-business will close. Cryptocurrency exchange are in the minimum risk area, as in such cases the number of transaction increases.

Most of all, miners and the owners of the mining field will suffer the most. Since, the profitability depends on the price of extracted cryptocurrency. Within recent events, it is clear that mining is unprofitable occupation.

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Malaysia’s Banking Group CIMB Will Cooperate With Ripple

CIMB, Malaysia’s group of banks, signed an agreement with Ripple to develop a blockchain-driven remittance platform. DLT technology will help to promote banks in the South East Asian region and will offer more convenient services, according to the press release made by Ripple CEO Brad Garlinghouse.

The bank strives for resolving urgent problems in the system by implementing Ripple’s blockchain. The problems mainly refer to slow and quite expensive settlement process.

Ripple CEO said :

“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience.”

He also added:

“Now, by integrating Ripple’s blockchain technology, [CIMB] will enable their customers to send vital funds to family, friends and loved ones more efficiently.”

They also decided that CIMB would go over its system and analyse the possibility to implement Ripple’s DLT in other spheres.

We remind you

Has Ripple’s XRP Entered Apple Pay?

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Crypto Wars: Jihan Wu vs Craig Wright, Who Gets McAfee’s Support?

The infamous hard fork of Bitcoin Cash has created some tension between the major crypto personalities in the industry. It is especially the case with the supporters of the two different BCH protocols.

One of the main “fights” has started between the CEO of Bitmain Jihan Wu and a computer scientist Craig Wright, who have repeatedly gone at each other on the social media, claiming that their vision of Bitcoin’s future is correct. Later on, the “war” was joined by John McAfee who supported Jihan Wu.

Craig Wright did not take long to respond.

Hopefully, the conflict will be settled peacefully, because the crypto industry needs all of the abovementioned people to function properly and develop.

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Incredible History of Cryptospace Conquest

In November 2017, when the idea of conquering the news cryptospace arose, there were only 3 astronauts aboard our space ship.

The legend doesn’t tell us whether our commander understood the expression of another famous captain, “As you name the boat, so shall it float”, or just wanted us scare the hell of all the other participants of the crypto world, but he called it “The Coin Shark”.

Although our team had little idea how cryptospace ships are actually assembled, we decided to win new horizons at any price and began to prepare for the launch. This is the feeling when people ask you: “Are you ready?”, and you understand that you are not, but you still press “Start”, because when you fly up, there should be no fear.

3,2,1 – Start!

The first time we found ourselves in the universe of cryptocurrencies, we were in zero gravity. Not quite understanding how and where we should fly, we looked around to neighboring ships, until we found our own style of flying. Thanks to the imagination and talent of our graphic pilot, the shark has become the most enviable bride of the cryptospace: bright, original and visually “tasty”.

So we first learned what Bitcoin was and rejoiced at its first record mark of $20k. We got acquainted with the notion of “blockchain” and “mining,” we were no longer afraid of the word “volatility,” and we were happy to talk about this with our space readers.

Later we realized that in order to increase the speed, we need to expand our team. We began to focus on English-speaking users, and also added the Chinese version of The Coin Shark. From that moment on, our editors have been adding high-quality content fuel to our system. They added speed and multi-language to our portal.

Also, we recruited many wonderful people who work every day to ensure that the shark conquers the crypto space as professionally as possible. We are not just floating, but gaining momentum, giving a screw to our spacecraft and setting new goals.

Our team improves the content and focuses on reliable sources from different parts of the world to be the first to tell the most recent and interesting information, wrapping it in a mixture of unique space characters and comics.

We celebrate our new victories: our publications are gaining their own views records, we are invited to top world conferences dedicated to cryptocurrency and ICOs, John McAfee and Forbes CryptoMarkets read our news, we more and more  are distinguished among thousands of other media outlets about cryptocurrency.

Thank you for sharing our journey in the crypto space. In the end, but for you, dear readers, The Coin Shark simply would not exist.

Since the launch, The Coin Shark has been maneuvering every single day up to this day. And most importantly – we still have a full tank 🙂

Welcome to our cryptospace!

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The Hard Fork of Bitcoin Cash: What Will Happen and Who Will Talk About It?

The crypto community is getting snacks and drinks ready on the verge of one of the most important crypto events of 2018: the hard fork of Bitcoin Cash which will take place today, November 15, at 16:40 UTC.

First things first, let us remind you that the upcoming fork has gathered two “camps”: the supporters of BCH ABC (developed by Bitcoin ABC) and the supporters of BCH SV (developed by nChain) – two different versions of the new BCH protocol.

Here are some major crypto personalities that will talk about the fork as it goes along:

BCH ABC supporters:

Roger Ver, a crypto enthusiast and BTC investor. Twitter: @rogerkver

– Jihan Wu, the CEO of Bitmain: Twitter: @JihanWu

BCH CV supporters:

– Cobra, the founder of bitcointalk.org. Twitter: @CobraBitcoin

– Calvin Ayre, the owner of the mining pool CoinGeek. Twitter: @CalvinAyre

When you are done with reading tweets of the specialists, you can go to the platform Fork Monitor which will inform you when the actual fork takes place.

Afterwards, crypto exchanges will start listing the newly-emerged coins, whereas the spread of them can be tracked here.

The crypto community has mixed feelings towards the hard fork of Bitcoin Cash. The specialists are still unsure whether its affect will be mostly positive or negative, but what they all do believe in is that it will definitely have a large impact on the whole industry.

We remind you:

Poloniex Will Become the First Crypto Exchange to Offer Trading with the Upcoming Hard Fork of Bitcoin Cash

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