On a day filled with setbacks, we simply soldier on... Or I guess, that depends entirely on the person in question 😸 (Tell me how you do it, in our survey!)
Well, a piece of good news: CoinMarketCap will now be powering enterprises with our data, through our partnership with Vela. See our post for more info 😃 As more institutions look to invest in crypto, we all have to make sure we provide them with the most accurate and up-to-date info!
The SEC has rejected 9 Bitcoin ETF proposals to date, from ProShares, Direxion and GraniteShares 😕 The rejections were handed out earlier than their deadlines, especially GraniteShares’ and Direxions’ which were due Sep 15 and Sep 21 respectively.
The primary reason cited for the rejections were similar across the board, that there were inadequate rules in place to prevent fraudulent and manipulative acts or practices 👀 Despite the rejection, the SEC stressed that the decision was not dependent on whether Bitcoin or blockchain technology inherently has utility or value. The decision on Vaneck-SolidX’s Bitcoin ETF application remains to be concluded by September 30.
Markets responded accordingly to the news, as seen from the decline in total market capitalization from ~$217 billion to ~$202 billion (well, and, BitMEX is back online). BTC fell ~3.68% to ~$6,438, losing the gains it made on Tuesday. BTC also closed below the 21-day EMA resistance line yesterday, indicating that the price action is still in favor of the bears for now 🐻 🐼
The price movement of the other cryptocurrencies also followed that of BTC’s today, with most seeing losses of ~4-8%. In the process, BTC dominance increased slightly from 53% to 53.36%. Even recent strong performer, VeChain (VET), ended its four-day upswing and saw experienced a loss of ~7.62% today, resulting in a cumulative ~41% gain since the streak first started.
Even so, it's worth pointing out that few actually believe the ETFs will be approved this year, with most traders favoring the belief that the first approval might only occur in 2019.
Another stumbling block
The government of the Chaoyang District in Beijing has banned all commercial events related to cryptocurrency or blockchain in the region. Local hotels, offices, shopping malls and other common gather places are no longer allowed to host events or promotions with a focus on cryptocurrency 😮
Local officials have started enforcing the ban since the circular went live 👮 Although Chaoyang is but one of the 16 districts in Beijing, it remains an important hub and could set the tone for the other districts. It is also home to many cryptocurrency-related companies.
That said, it isn't unexpected since the government had taken a hard stance against ICOs since the ban on Sep 4 last year 🤫 Just yesterday, it was reported that several crypto-related WeChat accounts/media were taken down in violation of the newly-enacted rules of China’s Cyberspace Administration of China.
Cleared this one though
The Singapore-based affiliate of insurance giant MetLife, LumenLab, has successfully trialed a blockchain-powered insurance product called “Vitana”. It offers financial protection to pregnant women 🤰 with a risk of gestational diabetes, which affects 1 in 5 expectant mothers in the country.
The blockchain initiative, developed under a regulatory sandbox of Singapore’s Monetary Authority of Singapore (MAS), will connect its customers’ electronic medical records to their mobile devices, allowing policies to be issued within minutes 😎 Without needing to file a claim, automatic payments can also be disbursed the moment the customer receives a diagnosis. Sweet.
Reaching through the darkness
Thailand has outlined a roadmap for “Project Inthanon”, its own wholesale central bank digital currency for money transfer, in collaboration with eight participating banks, built on the R3 Corda platform.
The Canadian government launched its own institutional-grade Ethereum block explorer, Catena, developed by Bitaccess and hosted on IPFS.
Revolut launched a metal credit card (sleek!) with crypto cashback.
Dash reveals that Venezuela has become its second-biggest market following the skepticism around the new Petro cryptocurrency.
Poll of the Day
How much do you agree with this statement: When I face a setback in the crypto markets, my first reaction is to cry buy.
Something fun to start off, but... I'm pretty curious to know if you're mad about the ETF decisions? 😈Does this change anything anyway?
What you said
The possibility that Tron will unleash the full potential of BitTorrent acquisition: 5. The responses were split on both ends, completely polarized. Sadly, it seems that ⅔ of all respondents didn’t fully understand what their vision for a decentralized web is 😐
Some people were understandably concerned about it potential centralization, since it’s clear that the company has strong control over its nodes and acquisitions; they also shared the concern over the direction of the company and other extravagant acquisitions of technology they might not be able to fully utilize 👽 On the other hand, some felt Tron “might not make it that far” in the discussion, or could never need to have this conversation as the landscape shifts.
Nobody really had a strong feeling about where Tron would be going in the future, other than detractors who felt it could end up in the gutters if improperly managed, and hurting the people who invested in them. I suppose that can be said about every project fundamentally, and is not exclusive to Tron 😌
Of course, us being us, we asked if people backed Tron or Pied Piper 😂 Guess what? Another half-half: 50% +Tron and 50% +Pied Piper. I guess it’s true what they say, you either want people to love you or hate you, never in between 😉
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