Monat: März 2022

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SEC rejects NYDIG, Global X spot Bitcoin ETF proposals

SEC’s latest move adds to a string of others seen over the years, with the US market’s wait for a spot Bitcoin ETF set to go on.

The US Securities Exchange Commission (SEC) has once again rejected applications seeking to list spot Bitcoin exchange-traded funds (ETFs) in the US market.

In its latest move, the securities watchdog has denied the NYDIG Spot Bitcoin ETF and the Global X Bitcoin Trust applications.

The two funds sought to list and trade physically settled Bitcoin ETFs. However, filings dated 10th March 2022 now put all that into an expanding basket of rejected applications.

And with it, another shot at having the regulator allow a spot BTC product has ended- at least for now (other proposals are pending the SEC’s decision).

SEC’s argument is…

NYDIG filed an application to list the spot Bitcoin ETF on NYSE Arca, Inc. on 30th June 2021, while Cboe BZX Exchange, Inc. filed Global X’s proposal on 30 August 2021.

The SEC’s orders disapproving the applications cite issues around fraud and manipulative acts, noting that the rejections are merited in the interest of protecting consumers and “public interest.”

In 2021, the regulator approved the first of two Bitcoin futures ETFs. The move saw the crypto industry’s excitement towards a spot ETF rise. But in the period since the ProShares and Valkyrie ETFs, the SEC has disapproved applications for spot Bitcoin ETFs by Van Eck, Fidelity, Wisdom Tree, and First Trust.

The Grayscale Bitcoin Trust ETF proposal is pending the regulator’s decision.

The post SEC rejects NYDIG, Global X spot Bitcoin ETF proposals appeared first on Coin Journal.

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Highlights March 11: Stacks, Kadena, Zcash surge, UK100 tumbles

The crypto market was relatively less volatile over the past 24 hours.

The UK100 fell 1.03% yesterday as investors reacted poorly to renewed sanctions on Russian oligarchs by the British Government. Evraz could be delisted from the UK100 next week thanks to its collapsed share price.

US markets fell yesterday as fresh inflation figures renewed fears over monetary policy tightening. The latest US CPI inflation showed prices rising by 7.9% per year.

Top cryptos

Most of the top 10 cryptos showed price movements of around 1% or less. Avalanche gained over 2% and Polkadot added 5% to its value, a first in quite a while.

Top movers

The top mover of the day is Stacks, which is soaring after crypto exchange Okcoin announced a partnership with the L1 blockchain to form the Bitcoin Odyssey.

Okcoin is pledging $165 million towards founders and projects developing decentralized applications on Bitcoin and Stacks. Stacks added more than 30% to its value today.

Kadena gained 25% on news of an upcoming listing on Binance. THORChain added 16% to its value.

Elrond has undergone several successful developments recently, which reflect on its price. It’s up around 10% in the last 24 hours.

Yesterday, it emerged the network had acquired Capital Finance Services, a member of the globally known and active Twispay brand, an e-money institution.

Privacy coin Zcash is up 11% after yesterday’s dip. On the losing end, Arweave is down 9%. Waves has lost 5.89% after an extended rally, but it stil has 35% weekly gains.

Trending

FWC is the token of a project called Qatar 2022 Token, whose popularity is skyrocketing as the World Cup approaches. 1 FWC might be worth just $2.88e-10, but it’s up 532% in the last 24 hours.

The post Highlights March 11: Stacks, Kadena, Zcash surge, UK100 tumbles appeared first on Coin Journal.