Market Update 8.23.18 – 9 BTC ETF Proposals Rejected by SEC

| Publish date: 08/23/2018
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9 BTC ETF Proposals Rejected by SEC

The US Securities and Exchange Commission (SEC) has rejected 9 Bitcoin based Exchange Traded Fund (ETF) proposals that were submitted by GraniteShares, ProShares and Direxion. In all three rejection notices, the SEC used the same wording and gave the same reasons. The SEC stated that the rejection did not rest on whether Bitcoin or Blockchain technology had utility or value.

These rejections came just a few weeks after the regulator had rejected the ETF proposal submitted by the Winklevoss twins Tyler and Cameron. While the majority of the SEC commissioners had voted against Bitcoin ETFs, one – Hester Pierce – had voted for them.

Read the details of the story here.

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US FTC Warning against New Bitcoin Scam

The US Federal Trade Commission’s (FTC’s) Consumer and Business Education division has issued a warning against a new Bitcoin scam. The division published an article called How to Avoid a Bitcoin Blackmail Scam, in which the department has described a new scam that specifically targets men.

According to the article, scammers are sending blackmail letters to men, demanding payments in Bitcoin to keep their alleged affairs hidden. These letters also explain how the Bitcoin payments are to be made. The FTC stated that these letters use classic intimidation tactics to extort money from their victims and that if any consumer has received such blackmail letters, they should immediately report it to their local police.

Read the whole story here.

Chinese Regulators Blocking Over 100 Foreign Crypto Exchanges

The financial regulators in China are looking to block more than 100 foreign cryptocurrency exchanges that currently offer trading options in the country. According to the Shanghai Securities Times, the China Fintech Risk Rectification Office has found 124 crypto trading platforms that are available in China but have foreign IP address.

The Office, created in 2016 by China’s State Council, is planning to block internet access to these platform to continue its fight against crypto related activities in the country.

Read the rest of the story here.

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Total Market Cap: August 23

The cryptocurrency market’s trading volume remains low at $11.49 billion and its valuation has dropped again to $208.16 billion in trading in the last 24 hours.

Bitcoin Price Analysis: August 23

Bitcoin’s dropped by 3.77% since yesterday to trade at $6459.54. The market valuation of the token is $111.11 and its trading volume is $3.98 billion.

Ethereum Price Analysis: August 23

Ethereum’s price fell 6.21% to its current price of $274.56. The coin’s trading volume is at $1.37 billion and its market value has dropped to $27.83 billion.

State of the Top 10 Cryptocurrencies: August 23

Market volatility is the norm in the cryptocurrency space, with the top ten cryptocurrency once again losing value in the last 24 hours. All the top cryptos saw losses since yesterday. However, the worst affected are Stellar, which has dropped by 8.45%, Monero, which has lost 7.17% in price and Cardano, whose price has fallen by 6.91% in the last one day.

  • Bitcoin fell 3.77% to trade at $6459.54. The virtual coin’s capitalization is now $111.11 billion.
  • Ethereum fell 6.21% to trade at $274.56. The virtual coin’s capitalization is now $27.83 billion.
  • Ripple fell 5.24% to trade at $0.323719. The virtual coin’s capitalization is now $12.79 billion.
  • Bitcoin Cash fell 5.36% to trade at $523.20. The virtual coin’s capitalization is now $9.05 billion.
  • EOS fell 6.24% to trade at $4.77. The virtual coin’s capitalization is now $4.31 billion.
  • Stellar fell 8.45% to trade at $0.209444. The virtual coin’s capitalization is now $3.93 billion.
  • Litecoin fell 4.03% to trade at $55.43. The virtual coin’s capitalization is now $3.21 billion.
  • Tether dropped 0.05% to trade at $1. The virtual coin’s capitalization is now $2.82 billion.
  • Cardano fell 6.91% to trade at $0.090057. The virtual coin’s capitalization is now $2.33 billion.
  • Monero fell 7.17% to trade at $89.36. The virtual coin’s capitalization is now $1.46 billion.
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