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Main events of the week in the bitcoin and blockchain industry with Skyblock Coins Shop

In an examination on Sunday, AllCryptoNews – a repeated refusal addressed to the Winklewoss brothers, at the launch of Bitcoin-ETF, a secret meeting in Chicago to discuss the legitimacy of cryptocurrencies, the 5th anniversary of the presence of the investment fund Pantera Capital and other events -key of the week.

The price of Bitcoin

After managing to consolidate its previously won positions, bitcoin, compared to Sunday night, ends with an increase of almost 10%, trading at about $ 8,200.

As you can see in the chart above, starting the week with a mark of about $ 7,500, the first cryptocurrency certainly climbed on Monday, overcoming the psychological barrier of $ 8,000 the next day and at some point even reaching nearly $ 8,500. Learn more about  Skyblock Coins Shop

As a result of the subsequent correction, bitcoin retreated to levels of $ 8100-8200 and, as many analysts expected, it will be fixed at this support level before a new upward movement. These hopes, however, shattered the news of the Winklewoss brothers’ repeated refusal to launch a bitcoin ETF – against the backdrop of this news, bitcoin was again below $ 8,000, at one point barely rushing to $ 7,800.

But the fall was not long: on Friday night, the cryptocurrency rose rapidly again, returning to its previous level of about $ 8,200, where it remains, demonstrating a healthy overall volatility in the hundreds and a small dollar up or down.

Among the top 20 digital assets, VeChain (+ 45%), Coin Binance (+ 12.5%), Zcash (+ 10.5%), Tron (+ 9.6% 5.4%).

The total market capitalization this week has risen several times to $ 300 billion, and is now just below that mark. The capitalization of bitcoin at the same time is $ 141 billion – 47% of the total.

The SEC has repeatedly denied the Winklewoss brothers the launch of the bitcoin-ETF

On Thursday, July 26, the United States Securities and Exchange Commission (SEC) rejected for the second time the request of brothers Cameron and Tyler Winklewoss to create a stock investment fund.

The Winklewos brothers have long called for the opening of the Winklevoss Bitcoin Trust since June 2016, sending a request to amend the BATS Global Exchange rules, on which the fund’s shares should be traded.

The first rejection was made in March 2017 and, as explained in the SEC, the changes in the rules of the stock exchange cannot be accepted, because in most bitcoin-markets they are not regulated. In addition, the Commission stated that the BATS Global Exchange (BZX) has not concluded and cannot currently conclude a monitoring agreement similar to the one concluded for all previously approved exchange products to prevent tampering and fraud.

Shortly after receiving the refusal, BZX appealed against that decision and also submitted additional comments to the Commission. However, as the new document shows, the risks identified by the Commission earlier still concern the regulatory authority. At the same time, it should be noted that this decision cannot be considered as an assessment of the cryptocurrency and the blockchain as a whole and refers exclusively to the Bitcoin Trust Winklevoss structure.

It is noteworthy that almost immediately the disagreement with his own department was expressed by the authorized representative of the SEC, Haester Pierce

Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I say: https://t.co/gH5zXaKtmj

– Hester Peirce (@HesterPeirce) 26 и 2018ля 2018 г.

The authorized representative of the SEC pointed out that, at the request of the Winklewoss brothers, the Winklevoss Bitcoin Trust will impose obligations and register market makers to prevent fraud and manipulation. BZX also said it would shut down Bitcoin-ETF activity if it became a threat to market stability.

“All this convinces me that the BATS Global Exchange proposal corresponds to section 6 (b) (5). Contrary to the Commission’s decision, I believe that the proposed rule change is in line with the normative standard, so we need to give BZX permission to launch Bitcoin-ETFs.” , she said.

According to Haister Pearce, another reason the SEC has refused to launch Bitcoin-ETFs is the bitcoin-market issue, such as the difference in prices on different stock exchanges. In his opinion, the creation of a stock exchange-based investment fund related to Bitcoin will facilitate arbitrage transactions and will equalize the prices at different sites.

Hester Pir also pointed out that the SEC’s decision prevents investors from “accessing the stock market through a stock market offering of predictability and transparency” and also points out that the regulator does not welcome innovative solutions in US markets. According to it, the Commission’s point of opposition may have consequences that go beyond the scope of the issue under consideration.

Wall Street talks about legitimizing cryptocurrency

The Nasdaq Exchange held a closed-door meeting in Chicago this week, where representatives of the traditional financial sector and several bitcoin exchanges discussed possible ways to legalize cryptocurrencies. This was reported by Bloomberg referring to a source familiar with the course of the event.

It was reported that the meeting was attended by representatives of Wall Street companies, as well as several large cryptocurrencies, including the Gemini Winklosov brothers.

The purpose of the meeting was, according to the source, to develop measures to enable the crypto-industry to improve its reputation and justify its potential role in global markets. The possible consequences of future market regulation and the tools needed to monitor this industry were also discussed.

The Bloomberg source also added that this is not the last meeting at which cryptocurrencies will be discussed, adding that its participants intend to resolve other issues in the dialogue mode.