CoinSpot lists Australia’s first gold and silver-backed cryptocurrency

17m
cryptonewmedia

FATF’s regulations will push criminal activity to privacy coins: CipherTrace CEO

17m
bitcoinwarrior

New Members Added to Ripple’s Regulatory Team, Will Experience Improve the Blockchain Association?

18m
cryptodaily

Flash Crash Sends Bitcoin Price Below Key Moving Average

19m
newsbtc

Crypto Bloodbath: Bitcoin [BTC] Slips to $7.5K; $200 MM Longs Liquidated on BitMEX

25m
coingape

Bitcoin Has Been Hijacked by Communists, Claims BSV Supporter

27m
beincrypto

Bitcoin Price Movement Looks Like ‘Absolute Garbage,’ Claims Analyst

30m
beincrypto

Time to Buy Bitcoin, Stop Yelling about Gold, Says New Grayscale Commercial

36m
utoday

Voyager Digital to pay Users Interest on Bitcoin (BTC) Holdings

39m
cryptonewmedia

Dow Wobbles as Trade War Sinks Its Fangs Into Corporate Earnings

1h
cryptonewmedia

Russia’s Villainy Prevents Call of Duty Launch on PlayStation Store

1h
cryptonewmedia

CZ Claims Vladimir Putin To Be the Most Important Person in Blockchain

1h
cryptodaily

Updating Live: Zuckerberg Hearings Before Congress on Libra

1h
cointelegraph

Bitcoin Drops 2.92%, Now Back to Testing $8,000 Price Level

1h
coininsider

ICO Returns: Class of 2017 Still the Champion

1h
cryptonewmedia

Bitcoin Suisse invests $3 million in CoinRoutes crypto-trading platform

1h
bitcoinwarrior

Bitcoin (BTC): Short Term Bullish Trend Reversal Is Only A Matter Of Time

1h
cryptodaily

Bitcoin Falls Like Clockwork on Futures Expiry Friday

1h
cryptonewmedia

$7.5K: Bitcoin’s Price Tanks to Four-Month Low

1h
coindesk

Hashing Systems set to open name service for Hedera (HBAR) network

1h
cryptonewmedia

Binance Lending Platform Introduces 'Flexible Deposits' for BNB, BTC, and BUSD

1h
cryptoglobe

Bitcoin Halving Price Similarities Outlined by Analyst

2h
beincrypto

Bitcoin Crashes to $7,400 as Crypto Markets Falter

2h
newsbtc

Ripple Adds New Energy To Its Regulatory Team, Joins The Blockchain...

2h
zycrypto

Large Institutional Bitcoin Investors Are On The Rise In Q4 2019 – Report

2h
zycrypto


Bitwise Tells SEC: ‘Bitcoin Now a Regulated Market of Significant Size’

cointelegraph

1mon ago

Crypto index fund provider, Bitwise Asset Management, has given another presentation to the United States Securities and Exchange Commission (SEC) in its bid for regulatory approval of its proposed Bitcoin exchange-traded fund (ETF).

In a memorandum, issued Sept. 17, the SEC published Bitwise’s presentation outlining why it believes the SEC’s concerns have been largely met.

The presentation started by recapping how the market has evolved and improved over the past two years.

Firstly, the spot market has become more efficient, with the average deviation of Bitcoin price across the top ten exchanges falling. Although this was just under 1% back in December 2017, it has now dropped to under 0.1%.

In addition, many new institutional-grade Bitcoin custody services are springing up and receiving licenses from local jurisdictions to manage and store Bitcoin for clients.

Meanwhile, this year has seen record Bitcoin futures volumes on the CME suggesting that the regulated futures market has now become “a regulated market of “significant size,” Bitwise notes in its presentation.

Bitwise also notes that following research published earlier in the year that 95% of trading volume is fake, there have been several developments.

Data providers responded by addressing the concerns and implementing measures to ensure reported data was more accurate. Nine exchanges reported a 90%+ drop in volume, and three of the 73 named exchanges responded either publicly or privately.

Data patterns on certain other exchanges shifted to match the real-world patterns witnessed by Bitwise. But overall, there is now a greater awareness of the existence of fake volume and more exchanges are taking steps to address these concerns.

Overall, the efficiency of the Bitcoin and cryptocurrency market continues to increase, along with volumes at the top ten exchanges.

Bitwise hopes that this will allay the SEC’s concerns over its Bitcoin ETF application, and finally give it a green light next month. However, SEC chairman, Jay Clayton recently reaffirmed his assertion that more regulation is needed before Bitcoin is traded on major traditional exchanges.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments