Cryptocurrency News Now!: Coinbase ETF, we see you

Friday, September 7, 2018

Coinbase ETF, we see you

QUOTE OF THE DAY

"One finds limits by pushing them."

- Herbert Simon

MARKET

COIN	PRICE	24H

BTC	$6,476.887459	+0.17%

ETH	$223.179452	-1.78%

XRP	$0.294722	+2.34%

BCH	$506.952486	+0.15%

EOS	$5.082257	-0.29%

*Information as of 9:30 AM EST

MARKET

Coinbase ETF, we see you

Coinbase Exploring Crypto ETF with Help from BlackRock

CRYPTO ETF

It has been reported that Coinbase is mulling the idea of applying for a cryptocurrency ETF
Coinbase has reportedly seeken help from the world's largest asset manager, Blackrock
Many companies have applied for a Bitcoin ETF this year with the SEC, but all of them has been so far denied

NOT JUST BTC

Coinbase's ETF will be different from the other ETF's that have so far been planned
Unlike all the other ETF's, Coinbase's will not solely be Bitcoin
It is probable the ETF will include a basket of the market's top cryptocurrencies, similar to Coinbase's index fund

BLACKROCK'S ROLE

No cryptocurrency companies have any experience creating an ETF, that is why Coinbase is partnering with BlackRock is who an expert on this sort of financial instrument
BlackRock manages a family of ETF's, called iShares
Each of BlackRock's iShare's funds tracks a bond or stock index

LIKELIHOOD FOR APPROVAL

All cryptocurrency related ETF's have so far been denied by the SEC, but Coinbase may just be the first to get approval
Coinbase has always made sure to be compliant with U.S. regulations and has had a close relationship with regulators
BlackRock will play a crucial role in assisting Coinbase with the process of listing an ETF

NEWS

Goldman CFO Calls Rumor of Delayed BTC Trading Desk 'Fake News'

RUMOR

A couple of days ago, a rumor swirled around the cryptocurrency community that Goldman Sachs was delaying the launch of its Bitcoin trading desk
This news sent the market into a frenzy with Bitcoin dropping nearly $1,000 in less than 24 hours, bringing the entire market down with it
Crypto investors have been tirelessly waiting for large-scale institutions to enter the game and the Goldman news was a major let down

FAKE NEWS

Yesterday, at Tech Crunch Disrupt in San Francisco, Goldman Sach's CFO Marty Chavez spoke to a crowd full of tech enthusiasts
The moderator of the discussion inquired about the news that broke the day before and Chavez was happy to speak on the matter
Chavez said that he was surprised when he saw the news flash because he had no knowledge of the situation as it was untrue

Chavez told the crowd at Tech Crunch:

"I never thought I would hear myself use this term but I really have to describe that news as fake news."

He reiterated that Goldman is working on a Bitcoin derivative driven by customer demand

The CFO made sure to ease excitement though:

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time. Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but its not here yet."

RESEARCH

Half of American Millennials Want to Use Bitcoin as Their Primary Form of Payment

SURVEY QUICK FACTS

Yesterday, YouGov released the results of their most recent cryptocurrency survey. Here are the quick facts you need to know:

79% of Americans have heard of cryptocurrencies
Of those who have heard of cryptocurrencies, 87% have never bought, sold, or mined them
Also, 49% of this group doesn't plan on buying cryptocurrencies any time soon
Next, 34% of Americans don't believe cryptocurrencies will become widely adopted within 10 years
Lastly, 48% of American millennials would be interested in using cryptocurrency over a U.S. dollar

POOR REPUTATION

Though Bitcoin and cryptocurrencies have been heard of by many, they still seem to hold a poor reputation, especially among the older crowds
In total, about a quarter of respondents mentioned that cryptocurrencies are only used for illegal purposes
This figure alone indicates that cryptocurrencies have a long time to go before significant adoption is achieved

GROWING INTEREST

Despite the bearish trend, interest for jobs in the industry has been growing consistently, according to recruitment firm Robert Walters
In addition, research company Ipsos released a study in June in which they forecasted interest in crypto is expected to double in the near future

GOVERNMENT

The SEC Commissioner Trump Appointed is Pro-Crypto

NEW SEC COMMISSIONER

On August 5th, Elad Roisman, a Republican from Maine, was confirmed by the Senate as the 5th commissioner of the regulator
This marks the 4th appointment made by the Trump administration

PRO-CRYPTO VIBES

Now, many in crypto are pointing to an instance in July that shows Roisman is pro-crypto when he made comments about the SEC and crypto:

"…the SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable."

BETTER ODDS

With Roisman joining the SEC, there are now 5 regulators and crypto's odds of getting an ETF could be higher
In the past, 2 of the 5 commissioners - Hester Peirce and Jay Clayton - have been positive about cryptocurrency and the approval of Bitcoin ETFs
Now with the addition of Roisman, there are 3 out of 5 commissioners who seem to hold favorable views

BITS

Robinhood CEO Baiju Bhatt revealed in an interview that the exchange is looking for a CFO as it plans to IPO.
The Winklevoss brothers won a patent for a crypto key storage system
A New York man plead guilty to kidnapping and robbery charges in connection with the theft of $1.8 million worth of ether.

TODAY IN CRYPTO

Ethereum (ETH)

ETHGlobal Hackathon

Hackathon, workshops and talks in Berlin.

PROOF | SOURCE

Bitcoin Cash (BCH)

Blockchain Cruise

Blockchain Cruise Europe will be held on September 7-11 on a cruise vessel sailing from Barcelona to Monte Carlo and Ibiza.

PROOF | SOURCE

Today in Crypto is powered by coinmarketcal.com

LEARN THE LINGO

Initial Coin Offering

noun

An initial coin offering (ICO) is an event in which a new cryptocurrency sells advance tokens from its overall coinbase, in exchange for upfront capital. ICOs are frequently used for developers of a new cryptocurrency to raise capital.

COIN OF THE DAY

Melon (MLN)
Melon is the first of its kind autonomous systems, designed specifically for the purposes of crypto asset management. Both its frontend as well as its backend are hosted and executed on decentralised platforms. The frontend operates on top of IPFS, while the backend leverages off a set of Ethereum smart contracts.
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