Bitcoin is holding above $8,000 with market participants still seeing good things to come from the VanEck bitcoin ETF, if it ever gets approved. Following the breaching of $8,500 last week there were high hopes of the price rocketing higher from here, but the SEC has brought the party to a halt, for now.
The rest of the crypto market is slipping lower, with Tron off heavily at 9% lower and Ethereum 2% worse at $455 as it struggles to make much headway as bitcoin rallies. Bitcoin clone Bitcoin Gold is 16% cheaper and EOS is down 5.5% at $7.8.
The Winklevoss twins had the latest iteration of their bitcoin ETF offering rejected by the Securities and Exchange Commission. The SEC was not impressed by the claim of the proposers that market manipulation was “difficult and prohibitively expensive”. That news was enough to send bitcoin lower, temporarily below $8,000.
Nevertheless the volatile cryptocurrency has consolidated its position and is now trading at around $8,120. Bitcoin dominance continues to creep higher, today at 47.9% according to Coinmarketcap.
VanEck ETF hopes
Meanwhile, VanEck is taking nothing for chance and has replied directly to the objections made by the SEC. On the market manipulation issue VanEck has tried to calm the regulator with these soothing words:
“While one cannot rule out manipulation in the underlying spot market, we believe that, due to the diversified ownership and volume of trading, the market does not have major, structural vulnerabilities. Therefore, the Commission’s increased enforcement and regulatory actions can reduce the number of bad actors in a basically sound market.”
A decision on the VanEck Solid X bitcoin ETF is expected on 16 August.
Also, five ETFs presented to the SEC in January have seen a decision delayed until September at the earliest.
IBM building app store for blockchain apps
In good news for the industry, IBM today announced it was creating an app store of blockchain products aimed at financial services companies. The apps are built with HyperLedger technology, a rival consortium to R3, although IBM and its partners say they are not averse to co-operating with R3’s Corda. The IBM platform is called LedgerConnect and early support of the pilot comes from Barclays and Citigroup. By all accounts the proof of concept is at quite an advanced stage of development.
HTC Blockchain Phone
In other news, Litecoin inventor Charlie Lee has thrown his considerable weight behind the HTC blockchain phone project.
BTC at $25k… $500k
Hedge fund manager Mark Yusko is sticking with his price targets for bitcoin, Which comes in at $25,000 for end 2018, $7k,000 at 2020, $200,000 at 2022 and $500,000 at year end 2024.
My view from April is unchanged. The #NetworkEffect of #Bitcoin is powerful and all that matters today is securing ownership of the Network, the daily price is just noise… #BuyAndHODL 🚀 https://t.co/FvnIi4jrX1
— Mark W. Yusko (@MarkYusko) July 26, 2018
Finally a survey by Gallup for Wells Fargo found that only 2% of Americans own any crypto, suggesting that crypto prices have plenty of room to grow