Wednesday, February 20, 2019

Take two 🎬

February 20, 2019

What's up Unbankd! 👋

We officially launched on Product Hunt today and it would be awesome to get your support!

Come join us for conversation, feedback, or anything else that's on your mind. Visit here.

MARKET

COIN	PRICE	24H

BTC	$3,974.45	- 0.39%

ETH	$147.01	- 0.94%

XRP	$0.328854	- 2.53%

EOS	$3.80	+ 4.59%

LTC	$50.95	+ 4.65%

*Information as of 10:30 AM EST

ETF

The SEC is Now Reviewing Two Bitcoin ETF Proposals

According to the Federal Register, two Bitcoin exchange-traded funds (ETF) now sit before the U.S. Securities and Exchange Commission (SEC).

In a nutshell, the firm...

VanEck/Solid X filed with Cboe
Bitwise Asset Management filed with NYSE Arca

This is the first time in 6 months that more than one proposal has awaited its fate from the SEC.

On the clock

For VanEck/Solid X, the ETF that has been delayed several times and even withdrawn this last month due to the government shutdown, the 45-day countdown starts today.

That means we're looking at a deadline decision date of Friday, April 5th.

Let's talk approvals

While the SEC has been reluctant to move forward with a Bitcoin ETF in the past, some believe the ecosystem has evolved to meet the regulator's standards.

Bitwise head of global research Matt Hougan told CoinDesk:

"A little more than year ago, we didn't have futures. A year ago we didn't have nearly as many firms making markets. A few months ago, you didn't have folks like Fidelity announced in the space. It's evolving really, really quickly."

Hougan also added that a number of firms now offer regulated crypto custody - an important factor for funds holding large amounts of digital assets.

Now, the ball is in the SEC's court again. An ETF would further evolve the space and bring Bitcoin under the SECs watchful eye, but a denial wouldn't mean anything different for the asset that thrived without Wall Street for so long.

TRADING

Bitcoin Shorts Hit 6-Month Low While Volume Hits 9-Month High

Is the bear turning bull? Some investors are calling for a turnaround after short holdings on the Bitfinex exchange platform fell below 18,888 Bitcoin - a level not seen since August.

The low came just a day after Bitcoin climbed 8%, which likely caused investors to eat their shorts and take holdings off the table.

That's only one part of the formula.

Volumes are surging

Conveniently, at the same time, Bitcoin volumes are surging.

Yesterday, Bitcoin trading volumes netted a total value of $9.93 billion - the highest level seen since May 2018.

Tack on the 20% appreciation the asset has seen in the past few days and investors are feeling pretty confident in short term gains.

BITCOIN

Elon Musk Stands Behind Bitcoin Saying it is "Quite Brilliant" But Too Energy Intensive

In a podcast released by advisory firm ARKInvest, famous entrepreneur Elon Musk shared his thoughts about Bitcoin.

Musk explained:

"The Bitcoin structure was quite brilliant" and cryptocurrency certainly "bypasses currency controls [...] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that's for sure."

But Tesla doesn't fit

Though his words positive words had waves of affirmation for the industry, he also mentioned that Bitcoin is too energy intensive at the moment.

For that reason, Tesla, his electric car company focused on sustainability, is staying out.

Musk stressed:

"It would not be a good use of Tesla resources to get involved in crypto. We're just really trying to accelerate the advance of sustainable energy."

BITS

But wait, there's more...

🚀 Binance launched the testnet of its upcoming decentralized exchange.
💰 A crypto surveillance startup led by ex-Goldman Sachs employees just raised $3 million to cut down on crypto manipulation.
⛏ One mining pool accidentally received 600 times the normal block reward for mining Ethereum and netted $300,000.

MEME