Crypto Market Grows Anticipating SEC Decision
At night between Tuesday to Wednesday, August 22, the price of bitcoin increased by over $300 within a minute, breaking $6,700 mark. However, 12 hours later it lost all the gains and is now listed at around $6,450. The rise happened practically at the same time as the crypto trading platform Bitmex went offline for technical reasons. Meanwhile, the crypto market is still waiting for the U.S. Securities and Exchange Commission (SEC) meeting, which will take place on August 23. The commission will discuss the launch of Bitcoin-ETF from ProShares.
WHY IS IT IMPORTANT?
- It is worth mentioning that the day before the volume of short positions on bitcoin on the Bitfinex exchange at some point was only 3% below the historic maximum.
- Also on Thursday, August 23, the US Securities and Exchange Commission will consider the launch of bitcoin-ETF on the New York Stock Exchange (NYSE) from ProShares. The company sent the first application for the launch of bitcoin-ETF in September of last year. Then ProShares acknowledged that the market was not yet ready for this investment tool. In the spring of 2018, information appeared that the SEC began to study proposals for bitcoin-ETF and short bitcoin-ETF from ProShares.
- At the moment, the Securities and Exchange Commission has not approved any such application. The Office rejected the application of the Winklevoss brothers and postponed the decision on VanEck and SolidX bitcoin-ETF. The value of the cryptocurrency decreased after each negative decision of the watchdog.
WeChat Blocks Accounts With Crypto News
WeChat, the most popular Chinese messenger, blocked a number of accounts related to cryptocurrencies, as they do not meet the requirements that came into force on August 7. The messenger has a right to block accounts and file complaints about them to regulators in case of violation of the law, the rules say. WeChat representatives note that blocked accounts are suspected of publishing ICO data and creating hype around cryptocurrencies. In addition to Jinse and Deepchain, Huobi News and CoinDaily were subject to restrictions.
WHY IS IT IMPORTANT?
- Many foreign portals are blocked in China. Strict censorship has been introduced by the government. WeChat is a local analog of world's popular instant messengers allowed in the country. Its audience is about 1 billion users. After blocking of accounts, crypto media can lose a large part of its audience.
Blockchain To Increase Efficiency in Energy Sector
The U.S. Senate has decided to discuss the use of the blockchain in the energy sector in order to find out if this technology is capable of improving the industry. Public hearings have been held for this purpose. During the meeting, the committee discussed a possible increase in demand for electricity due to a widespread introduction of blockchain and, as a result, rising electricity prices. Speakers also touched upon the issue of cybersecurity. At the hearings, they discussed how efficient blockchain could be improving the security of energy systems.
Thai Central Bank Will Develop Digital Currency
The Central Bank of Thailand (BoT) announced a release of Central Bank Digital Currency (CBDC) on the R3 Corda platform. BoT announced the launch of Project Inthanon. The initiative is aimed at creating Central Bank Digital Currency (CBDC). Thai watchdog joined forces with eight partner banks to create a prototype solution that will be based on R3 Corda's technology.
WHY IS IT IMPORTANT?
- The president of the central bank first talked about the concept in his speech in June, noting that his goal was to investigate the potential of blockchain to facilitate interbank transactions. After this, the project can be officially launched on a larger scale.
- Representatives of BoT noted that similar initiatives are also being implemented by the central banks of Canada, Hong Kong and Singapore.
- More often than not, countries that are experiencing economic difficulties and are under sanctions consider the possibility of creating CBDC. For example, Venezuela issued its own cryptocurrency Petro secured by oil in February this year.
English Premier League Will Advertise Bitcoin
Social investment platform eToro announced a partnership with seven football clubs of the English Premier League. The deals were paid using Bitcoin. The partnership is designed to popularize the blockchain and cryptocurrencies, as well as eToro products. The agreement is signed with the clubs Brighton & Hove Albion, Cardiff City, Crystal Palace, Leicester City, Newcastle United, Southampton and Tottenham Hotspur.
WHY IS IT IMPORTANT?
- According to company representatives, eToro was the first to bring cryptocurrencies to the Premier League.
- Representatives of the company are also confident that the blockchain is able to solve various problems associated with the distribution of tickets for matches. The distributed ledger technology will make this process more transparent and will provide protection from counterfeiting.
- Last week, UEFA confirmed that they are preparing to launch a blockchain-based system for selling tickets to football matches. UEFA also clarified that this is only the first step in a multi-year process of integrating innovative technologies.
At 20:00 (GMT+1) total cryptocurrency market capitalization stands at $208,8 billion
Bitcoin (EXANTE: Bitcoin) $6462 (+0,15%)
Ethereum (ETH/USD) $275 (-0,71%)
XRP (XRP/USD) $0,32 (-1,44%)
Bitcoin Cash (EXANTE: Bitcoin.Cash) $524 (-0,73%)
EOS (EOS/USD) $4,77 (-0,55%)
Cortex (+16,2%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $12,12 (+1,08 billion per day)
Mining Profitability
BTC $2,6 for 10 TH/s
ETH $0,20 for 10 MH/s
BCH $0,20 for 1 TH/s
LTC $3,1 for 1 GH/s
DASH $0,08 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 31 August BetOnChart
- 5 September Cryptocean
- 8 September AEN Token
- 15 September COTI
- 15 September GOODWORK
Click here for the full list of ongoing ICOs.
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