December 7, 2018
QUOTE OF THE DAY
"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless."
- Satoshi
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COIN | PRICE | 24H |
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BTC | $3,451.01 | - 7.16% |
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XRP | $0.308450 | - 6.97% |
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ETH | $88.39 | - 10.40% |
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XLM | $0.116787 | - 10.72% |
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BCH | $108.08 | - 8.99% |
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*Information as of 10:00 AM EST
SEC Delays Bitcoin ETF Decision Deadline to 2019
Eyeing an ETF
Specifically, cryptocurrency investors have wished for the emergence of two things in the market: institutional investors and a Bitcoin ETF.
All signs indicate that institutions have been entering the market through the year, but the Bitcoin ETF applications haven't had as much progress.
The U.S. Securities and Exchange Commission (SEC) - the regulator denying these applications - says that the custody and price manipulation issues need to be figured out before an ETF will be approved.
On to next year
Now, the ETF that many were wishing for has been delayed once again to a new decision deadline on February 27th, 2019.
Is there any good news? Well, there is one thing. Investors will know for sure by February 27th, 2019 is whether the pending Bitcoin ETF will get approved or not. That's because on that date, according to the SEC rules, the commission must make a decision to approve or deny - it can't be delayed again.
Don't hold your breath
SEC Commissioner, Hester Peirce, who has been historically pro-crypto, recently spoke about the Bitcoin ETF topic. Peirce said that she is trying to convince her colleagues to warm up to the idea of embracing cryptocurrencies.
However, since the crypto community has put a lot of weight on a Bitcoin ETF, Peirce is telling investors not to hold their breath and says it could come tomorrow or in twenty years.
The Commissioner said:
"Don't hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people."
ConsenSys Could Cut 13% of Portfolio Staff, Is it Necessary?
Cutting costs
ConsenSys is starting to feel the bear market alongside other startups that have confirmed layoffs. Now, the Ethereum-focused accelerator is looking to cut up to 13% of staff in its startup portfolio.
The announcement was made to over 1,200 employees across over 50 ventures that currently make up the ConsenSys ecosystem.
Necessary to survive?
The layoff announcement for ConsenSys is no stranger to this bear market. Actually, startups across the board are hunkering down for what could be a long crypto winter.
According to Forbes, ConsenSys burns over $100 million of cash annually. Because of this, ConsenSys CEO Joe Lubin is now "re-focusing of priorities" and restructuring a new, slimmer, business model called ConsenSys 2.0.
Talent opportunity
While notable crypto companies are slimming down, others are actually hiring.
According to CryptocurrencyJobs.co, a leading job board in the space, there are still over 450 different crypto companies hiring for over 1,100 positions despite the market's downturn.
At the same time, community members are coming together to help place talent by using their extensive network. One example of this is Token Daily who recently launched a talent arm that helps connect "ambitious and talented" folks to "top crypto companies." So far, the new venture has helped place three different employees at two different companies.
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Bloomberg Analysts Predicts Bitcoin to Slip to $1,500
Down and down we go
After having a tough November, Bloomberg technical analyst Mike McGlone predicts that Bitcoin will continue downward and is pointing at the $1,500 price level.
McGlone explains that the Bitcoin Cash fork situation has been a headwind for the entire market. The situation shows just how nascent the industry is, as it is mostly influenced by a few 'dicey characters'.
In addition to fundamental reasons, McGlone sees lower prices, volatility, and speculation which indicates that "we're not near that base yet".
Future is uncertain
All predictions should be taken without much significance. The market has proven to be very unpredictable and almost all predictions turn out to be incorrect.
Opinions on cryptocurrencies are very polar, people are either extremely bullish or bearish. It is best not to have a short-term view. This market is still in its infancy and you should not overreact with each prediction.
But wait, there's more...
- π Coinbase could be adding more than 30 new digital assets to its platform.
- π° Morgan Creek Digital is betting $1 million that digital assets will outpace S&P performance in the next 10 years.
- π Two new bills are being introduced to U.S. Congress that outline how to improve market manipulation in the crypto markets.
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