#CryptoCorner: #Bitcoin Market Dropped as Winklevoss Brothers' ETF Rejected, South Korea Urges Regulation, Monex to Open Crypto Exchange in USA and Report Shows Avg Return of Top 10 Crypto Deals Last Year to be 136,000 %
July 27th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD)
Point Roberts, WA and Delta, BC - July 27, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: Market Drops as #Winklevoss Brothers' #ETF Rejected, South Korea Urges Regulation, Monex to Open Crypto Exchange in USA and Report Shows Avg Return of Top 10 Crypto Deals Last Year to be 136,000 %
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Bitcoin Market Dropped as Winklevoss Brothers' ETF Rejected, South Korea Urges Regulation, Monex to Open Crypto Exchange in USA and Report Shows Avg Return of Top 10 Crypto Deals Last Year to be 136,000 %
The price of Bitcoin (BTC) has fallen back below $8000 USD to about $7891 USD at press time. The drop of the flagship cryptocurrency has dragged most of the top altcoins into the red and the total market cap down to $288 billion USD, according to CoinMarketCap.
It seems likely that the change in fortune for the crypto market is due to news yesterday that the Winklevoss brothers' proposed Bitcoin exchange-traded fund (ETF) was rejected by the U.S. Securities and Exchange Commission (SEC). The Winklevoss twins had previously applied for their Bitcoin ETF, BZX, back in February but were rejected by the SEC then as well. A statement released by the SEC yesterday said that though the validity of crypto is not under dispute, the ETF fails to satisfy concerns regarding fraud and manipulation.
"...the Commission emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment. Rather, the Commission is disapproving this proposed rule change because, as discussed in detail below, BZX has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices."
South Korea's Financial Services Commission (FSC), the country's financial regulator, has urged legislators to quickly approve the country's first cryptocurrency bill, according to a report from Bloomberg. The urgency is a response to fears of poor security in the sector, and the bill proposes to make regulation the responsibility of the FSC. Hong Seong-ki, head of the virtual currency response team at the FSC, noted the growth of crypto but outlined the pressing need for regulation.
"While crypto markets have seen rapid growth, such trading platforms don't seem to be well-enough prepared in terms of security. We're trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible."
Monex Group, a financial services company based in Japan that purchased hacked crypto exchange Coincheck earlier this year, plans to open a new crypto exchange in the U.S., according to a report from Cointelegraph. The exchange will function as a subsidiary of the Monex-owned securities brokerage firm Tradestation, and will be called Tradestation Crypto, Inc. The report also indicates that Coincheck itself will be functioning next month.
Research from analysts at Crypto Finance Conference (CFC) published on Cointelegraph reveal that the top ten crypto deals in 2017 based on their investment returns (ROI) saw returns of over 136,000 percent on average. IOTA (MIOTA), an Internet of Things (IoT)-focused platform performed the best with a 614,934 percent return.Andrea-Franco Stöhr, co-founder and CEO of CFC, said of the research findings:
"No project in the top ten had an ROI that was less than 6,000%-gains that are unfathomable for investors in many other markets. These numbers demonstrate the strong upside and myriad real-world applications for cryptocurrency. Also, the extreme success of infrastructure projects suggests investors should be seeking foundational companies that will redefine the internet in the next 10 to 15 years."
Sam Mowers, Investorideas
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