The Market Responds Nonchalant to CBOE BTC ETF Pull Out

The Market Responds Nonchalant to CBOE BTC ETF Pull Out

Yesterday, 23 January, the US Securities and Exchange Commission released a two-page document revealing the temporary withdrawal of the proposed rule change by the Chicago Board Options Exchange (CBOE) BZX Exchange Inc. This proposed rule change was said to lay the groundwork for the long-anticipated VanEck/SolidX BTC ETF

VanEck’s Director of Digital Assets Strategy confirms the news. In a tweet, he mentions the firm is cooperating with ‘regulators and major market participants’ to structure an apt framework for digital assets and BTC ETF.

According to securities lawyer Jake Chervinsky, the withdrawal is an indication that CBOE and partners foresee a rejection. He further states that a bitcoin ETF is not on the horizon in the first quarter of 2019.

Cryptocurrency Market Remains Calm

News of CBOE’s withdrawal did not appear to affect the market. Digital currency holders and investors continue to retain their holdings with little sight of selling.

But the overall volume in the cryptocurrency market, apart from an increase from 10 to 31 December, is in steady decline. Low volume is symptomatic of investor wariness which is supposed to generally lead to long consolidation periods and the market trading sideways.

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Bitcoin ETF: SEC adds VanEck-backed proposal for approval; initial decision in 45 days

The SEC has been very active in the sphere of cryptocurrency of late, with various proposals for Bitcoin ETFs going to it for approval. This has raised optimism among many that a consensus may soon be reached and that a Bitcoin ETF may soon be around the corner. Back in January, a Bitcoin ETF jointly-submitted by VanEck, SolidX and the CBOE BZX exchange was withdrawn owing to the US government shutdown at that time. According to recent reports, the VanEck proposal for a Bitcoin ETF was re-submitted for official approval and the SEC has announced that an application from VanEck, SolidX Partners and the CBOE is under review. Gabor Gurbacs, VanEck’s in-house cryptocurrency legal advocate, has not commented on this issue yet. However, over the week, Gurbacs has been very vocal in expressing his optimism regarding the approval of a Bitcoin ETF. He claims that the ETF’s approval could play a big part in the crypto industry and would be beneficial to both the investors and the budding market. The U.S Securities and Exchange Commission [SEC] has chosen 20 February to decide the initial decision regarding the ETF. This will also initiate the countdown of 45 days to decide whether the ETF will be approved or rejected again. The proposal that has been submitted will also be formally published on the SEC’s register in that duration. When the filing is accepted, the clock will begin on the SEC’s approval process with regards to the Bitcoin ETF. This would be the second Bitcoin ETF to be registered this month. A proposal made by Bitwise Investment Management and NYSE Arca is also on the table for compliance. Hunter Horsley, Chief Executive Officer of Bitwise Asset Management in a recent interview with CNBC’s Bob Pisani, expressed his optimism regarding the potential idea of a crypto-backed fund. Horsley explained that virtual currencies as a whole are in the “most viable’ state ever in the market. He added that an ETF tracking these virtual assets is inevitable, now more than ever. The Bitwise CEO was confident that the SEC’s concerns regarding potential market manipulation and custody have been addressed and that steps have been initiated in the right direction. The post Bitcoin ETF: SEC adds VanEck-backed proposal for approval; initial decision in 45 days appeared first on AMBCrypto.

Coinflex Launches Physically Delivered Cryptocurrency Futures Exchange

Coinflex has now launched its physically delivered cryptocurrency futures exchange. The new Hong Kong-based leveraged trading platform is a spin-off from one of the United Kingdom’s oldest cryptocurrency exchanges, Coinfloor. Also Read: In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange Coinflex Exchange Is Now Online Coinflex, a physically delivered cryptocurrency futures exchange with leverage of up to 20x, announced on Feb. 20 that the platform’s website is now live. Last month it was reported that the trading venue plans to offer futures contracts for bitcoin core (BTC), bitcoin cash (BCH), and ethereum (ETH), all paired against tether (USDT). Based in Hong Kong and incorporated in the Republic of Seychelles, Coinflex is owned by a consortium that includes Trading Technologies International Inc., crypto trader Mike Komaransky, and Dragonfly Capital Partners. Market markers B2C2, Global Advisors, Alameda Research, Amber AI, Grapefruit Trading, Coinfloor and its subsidiary companies also have partial ownership of Coinflex. Cutting Out the Middle Men The Coinflex platform is headed by chief executive officer Mark Lamb, who published a Medium post on Wednesday detailing the differences between traditional futures vs crypto futures exchanges. He explained that traditional exchanges usually have a minimum of two and often three or four layers of intermediaries between the exchange and the customer. Traditional futures brokerage firms and Futures Commission Merchants (FCMs) also usually require a customer be a high net worth individual or professional trader with experience in financial markets. Traditional futures vs crypto futures exchanges as detailed by Coinflex CEO Mark Lamb “I fell in love with bitcoin because it’s peer-to-peer, open, and transparent,” stated Lamb. “Everyone has the chance to transact on the same network. Anyone who has the tools can run a node and I won’t reject your Proof of Work because you come from a different country, don’t speak my language, or don’t meet a government-set ‘capital requirement’. Crypto derivatives are built in the same fashion as bitcoin. Virtually anyone can sign up regardless of wealth, geographic location, or whether or not he or she has a bank account.” What do you think about Coinflex launching physically delivered crypto futures trading? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from The post Coinflex Launches Physically Delivered Cryptocurrency Futures Exchange appeared first on Bitcoin News.
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