"We cannot change the cards we are dealt, just how we play the game."
- Randy Pausch
It's been a week since we started this newsletter! Time flies 😎 We're still wowed by your passionate responses on our polls every day. Thank you for being here with us! We promise to continue improving based on your feedback. You can share your thoughts with us in our poll today 📝
The waiting game continues
The SEC has pushed back their decision on VanEck-SolidX’s Bitcoin ETF application to September 30, citing additional time needed to deliberate given the gravity of the decision 😥 If approved, it would be the first crypto exchange-traded product in the US. Much hinges on this decision, as it can potentially become the gateway to the introduction of more cryptocurrency-related financial products in the market.
Perhaps partly due to the announcement, we saw a bloodbath in the markets today. BTC fell -7.66% in 24 hours to ~$6,528.65 (as of 6 a.m. ET) and ETH is now sub-400 at ~$370.15 after a -9.88% decline. Well, pretty much the entire page is red, so... Prices are still falling as I type 😢
Total market cap is now ~$230 billion. BTC has been forming higher-highs since late June from the previous lower-high of ~$6,214 in mid July; another level to watch would be the 0.786 fibonacci level of ~$6,370 – it may provide some support so let’s hope BTC doesn't close below that point too.
Raising the stakes
Coinbase is increasing their daily purchase limit to $25,000 and has enabled users to instantly commence trading upon confirmation of their bank transfer 💰 Prior to this, users had to wait up to five working days for funds to settle before they could trade. Currently, these changes are only live for U.S customers but will soon be rolled out to the rest of the world in due time.
Coinbase also began accepting Ethereum Classic (ETC) deposits on their order-book exchange, Coinbase Pro, and trading of ETC pairs is set to commence by the end of the week. Once this stabilizes, ETC trades will also be supported on Coinbase.
Ballin' like Bitmain
Bitmain, the world’s largest bitcoin miner and mining equipment maker, is now valued at $15 billion 😎 after closing its pre-IPO funding round. Backers to the deal include China’s Tencent and China Gold, and Japan’s SoftBank.
With China International Capital (CICC) as its underwriter (the firm responsible for raising funds), Bitmain aims to launch its IPO on the Hong Kong Stock Exchange in September at an estimated valuation of $30 billion, and get listed before end 2018.
West Virginia will offer blockchain voting in their midterm elections this year.
Ukraine is also piloting blockchain voting efforts with NEM.
Users of the Opera Browser for PC will soon be able to use the Android Ethereum crypto wallet released in July for payments directly on desktop, once they've linked it up.
Poll of the Day
How likely do you think ETFs will trigger the next bull run?
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What you said
The verdict on security tokens yesterday was a 7.8, slightly positive on them being a Yay. I asked if you thought they defeated the purpose in the first place and that was a really divisive one, as I'd thought 😌
Some of you thought security tokens remove decentralization and engender more government involvement ⚔️ There is preference for self-organized and self-regulated blockchains.
On the other hand, many felt that security tokens had added benefits, such as transparency through the filings with SEC. Security tokens might also exemplify the the potential of tokens, since people can make investments that cut out the middleman 🔪, such as brokers.
Someone offering an STO through the same broker-dealer as tZERO clarified that a security token can simply stand for following the SEC's regulation, and not necessarily rights to profit or ownership. It still limits the sale to accredited investors in the US, but with 60-70% of investments hailing from Asia for regular ICOs, it may not be much of an issue. Thank you for the clarification! (And congrats on the STO! 🎉)
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