Bitcoin climbs past $8,000 as ETF speculation fuels renaissance

Bitwise Index Which Tracks 10 Cryptocurrencies Joins the Line for Crypto ETF

Cryptocurrency enthusiasts may turn out to be their own worst enemy when it comes to an exchange-traded fund backed by Bitcoin. Bitcoin has surged past $8,000 mark since the beginning of July, nearly a 40 percent hike.

The U.S. Securities and Exchange Commission (SEC) has postponed the review of Bitcoin ETFs proposed by investment firm Direxion Asset Management, as it needs more time to study the proposal before reaching a final decision.

This tread has also led the SEC showing concern over the prospects of these funds. The SEC had asked companies to pull about a dozen applications for cryptocurrency-linked products in January, and past year rejected the Winklevoss Bitcoin Trust ETF. Talks of the possible launch of a Bitcoin ETF has made the price skyrocketing. "It's like deja vu, but I'm 10 times more pessimistic about a fund being approved", Eric Balchunas, a senior ETF analyst with Bloomberg Intelligence, was quoted by Bloomberg. In June, an exchange sought approval from the SEC to list a Bitcoin ETF from Van Eck and SolidX Partners Inc.

Others have filed for ETFs based on singular cryptocurrencies in the past but the new ETF is based on the asset manager's Bitwise HOLD 10 Index Fund, a market-cap-weighted index of the 10 largest cryptocurrencies that captures approximately 80 percent of the total market capitalization. At least three other requests from exchanges that want to list Bitcoin ETFs have been pending since January.

According to the provisions of the SEC's enabling Act, the commission is expected to give its decision within "180 days after the date of publication of notice of filing of the proposed rule change". It has extended its considerations several times.

But the ETF industry has left no stone unturned in mounting pressure on the SEC. Last week, VanEck responded to the SEC's questions from January, declaring that its fund would be "consistent with the commission's mission to protect investors".

Related News:

  • Ryan Reynolds Developing ‘Home Alone’-Esque Comedy ‘Stoned Alone’

    The original Home Alone and its first sequel, Home Alone 2: Lost in NY , starred Macaulay Culkin as Kevin McCallister. The sensation generated a sequel, and two later films that were released under the same name with a different cast.
    Hot Cheetos may be to blame for teen having gallbladder removed

    Hot Cheetos may be to blame for teen having gallbladder removed

    Cary Cavender, from Le Bonheur Children's Hospital said the chips were at least partly to blame for Rene's surgery. That sparked a black market at some schools, with Takis becoming an underground currency.
    Worcester 'acid attack': Five men are charged

    Worcester 'acid attack': Five men are charged

    He added: 'I have never heard of an acid attack in Worcester so this is absolutely not something we have any experience of'. All five men were charged with conspiracy to commit GBH over the incident in Worcester on Saturday afternoon.
  • No Military Cooperation with Russia in Syria for Now: Mattis

    No Military Cooperation with Russia in Syria for Now: Mattis

    Congress passed a law banning military-to-military cooperation following the rejoining of Crimea with Russian Federation in 2014. And it would be premature for me to go into any more detail at this point, because we're not doing any more than this".
    Cher, ‘Hamilton,’ Reba McEntire among 2018 Kennedy Center Honorees

    Cher, ‘Hamilton,’ Reba McEntire among 2018 Kennedy Center Honorees

    The award to " Hamilton " marks a departure for the event, as the honors have typically recognized lifetime achievement. Rutter, publicly thanked Trump for allowing the night to focus exclusively on the arts and the honorees.
    Natasha Rothwell To Star In Wonder Woman’s Sequel

    Natasha Rothwell To Star In Wonder Woman’s Sequel

    Upcoming for Rothwell: She booked a role in Paramount's Sonic the Hedgehog and she stars in Christopher Winterbauer's indie film Wyrm .
  • U.K. will not block death penalty for ISIL suspects

    U.K. will not block death penalty for ISIL suspects

    May's spokesperson tells Business Insider that she was "made aware" of the decision but refuses to say whether she supports it . Sajid Javid has been heavily criticised for noting that they would not demand a "no death penalty " assurance this time.
    Japan executes 2 more Aum members of deadly sarin attack

    Japan executes 2 more Aum members of deadly sarin attack

    Japan executes some death-row prisoners most years but the total of 13 executions so far this year is the highest in a decade. It has disbanded, though almost 2,000 people follow its rituals in three splinter groups, monitored by authorities.
    House Conservatives File to Impeach Rod Rosenstein

    House Conservatives File to Impeach Rod Rosenstein

    In the version of events that House Republicans have been flogging, Page is a victim of a deep state/Obama hit job on the Trump campaign.
  • Telstra Is Having Another Crack At Unlimited Data Plans

    Telstra Is Having Another Crack At Unlimited Data Plans

    The big news, though out of reach for most is the $199/per month plan which includes unlimited data at full Telstra 4GX speeds. The Peace of Mind feature caps download speeds at 1.5 Mbps after the exhaustion of allocated data.

    Mohamed Salah, Sadio Mane On Target As Liverpool Down Manchester City

    "Now you can prepare direction, you can play balls in behind, which makes life hard for the opponent", he explained . We have three more years on the contract, but the results will dictate what will happen in the future.
    Ex Fiat Chrysler boss Sergio Marchionne has died aged 66

    Ex Fiat Chrysler boss Sergio Marchionne has died aged 66

    This afternoon, Elkann announced that the longtime CEO had passed away, saying: " Sergio Marchionne , man and friend, is gone". He is survived by his partner, Manuela Battezzato, and two adult sons, Alessio and Tyler.


Most liked

Liverpool arrive in New Jersey and are joined by Shaqiri
Of course I was disappointed after. "But Bayern said "we want you to be here, you're important for us". I won many titles with Bayern Munich so I know how it is to be on the big stage.

Jurgen Klopp outlines Liverpool FC targets for 2018-19 season
So I'm happy with the second half. "It is really incredible and I think we can do it". But pre-season is there for us to try to perform in the most hard circumstances.

Seagram heiress Clare Bronfman, NXIVM co-founders plead not guilty
Bronfman has always been affiliated with Nxivm, and prosecutors have said she used part of her fortune to finance its activities. Dressed in a light, short-sleeved shirt, jeans and flip flops, Bronfman, 39, pleaded not guilty to a charge of identity theft.

Trump Accuses China Of 'Vicious' Trade Tactics As Tariffs Battle Escalates
The aid package, set to begin in September, is mostly created to help soybean farmers, dairies and pork producers. Senator Rob Portman, an Ohio Republican, said he applauded the move to de-escalate tensions over tariffs.

Fabian Schar: Newcastle close in on deal for Switzerland defender
So far this summer Newcastle have made goalkeeper Martin Dubravka's loan from Sparta Prague permanent for £3.6m. Now he is set to make that four with Newcastle.

Ireland would "absolutely" back extending Brexit talks to avoid no deal
He added: "And we would encourage them to do so and work closely with them as they are putting those plans together". Mr Coveney said the negative implications of a no deal Brexit are "very significant for Ireland and for the UK".

Ramkumar Jumps 46 Places to Career-best 115
Nonetheless, it has been a scintillating run for the Indian where he made an inscription on the elite stage of the ATP. The match ended when Johnson hit a forehand victor down the line, breaking Ramanathan for the third time in the match.

Apple Releasing Update to Address Thermal Throttling in 2018 MacBook Pro
That bug has been fixed in a software update that Apple says it's pushing out to all 2018 MacBook Pro users as of Tuesday morning. Some MacBook Pro owners have already begun testing with the latest update, which seems to smooth out the throttling issue.

Trump refuses to answer questions about secret recording with Michael Cohen
An attorney for AMI declined to comment Tuesday night. "Well, I'll have to pay him something", Mr Cohen replies. Giuliani confirmed to NBC News that Trump's team waived the privilege protections over that recording.

Red Sox annoyed after 5-0 lead erased due to rain
The home team decides if the game starts, and once it starts it's up to the umpires to decide if they should call for a delay. A makeup game was scheduled for 1:05 p.m. on August 11 in Baltimore, as part of a day-night doubleheader.

Cape Breton baby boomers urged to take free hepatitis C test
The disease may resolve in a few days, but treatment is advised as it may be severe and life-threatening in some cases. It can be transmitted from a mother to her child during childbirth and from sharing needles or sharp objects.

Marcos Alonso: Jorginho helping Chelsea adapt to Sarri's style
Bakayoko is in pre-season training with Chelsea and came on for Jorginho at half-time in the 1-0 victory over Perth Glory on Monday.

Seriously ill Sergio Marchionne replaced as Ferrari and Fiat Chrysler CEO
Marchionne, 66, was credited with rescuing Fiat and Chrysler from bankruptcy after taking the Italian carmaker's wheel in 2004. Sergio Marchionne has been replaced as Ferrari chairman due to illness, with John Elkann replacing him with immediate effect.

Hellblade: Senua's Sacrifice VR Edition Arrives July 31, 2018
It's simply because the VR version of the game requires high-end specs, which the PSVR isn't quite capable of running. Launching on July 31, the VR mode for Hellblade will be the full game and not some extra bonus feature.

'I'm looking for my mum': Greece fire toll rises
The rest of the survivors were picked up by a fishing boat with an Egyptian crew who jumped into the water to rescue them. They only drove into traffic jams or thick, treacherous smoke. "We managed to find a small gap and we made it out".