U.S. SEC Rejects Nine Bitcoin ETFs

The U.S. SEC has rejected 9 ETF’s applications coming from three firms.

The 9 applications are the: two applications from Proshares in conjunction with New York Stock Exchange ETF that was intended to be listed in NYSE ARCA, two applications from GraniteShares that was supposed to be listed in CBOE and Five from Direxion to be listed in NYSE ARCA.

It was revealed by SEC that one of the main reason why the agency has rejected the applications is that they have not met the requirement that will prevent fraudulent and manipulative acts and practices.

The agency also states that there is no evidence in record to demonstrate that Bitcoin futures market are markets of significant size.

However, the agency further explains that the disapproval does not rest on an evaluation of whether Bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.

Cryptocurrency Exchange Working Body Launched

Several cryptocurrency exchanges have gathered together to form what they call Virtual Commodity Association (VCA).

It is a self- regulatory body that seeks to bolster Bitcoin trading market and increase the credibility in the space.

According to sources the effort is lead by the WInklevoss twins who owns Gemini Exchange, and includes Japan’s Bitfyer, U.S,’s Bittrex and Luxembourgs’ Bitstamp.

VCA has the functions such as establishing guidelines for VCA membership, creation of a robust and fiat crypto market place, increase liquidity for participants, resolving conflicts among members, VCA and maintaining composition of the board of director.

John Roth, Bittrex’s Chief compliance officer stated that VCA could help advance their shared goals of improving transparency, accountability and security across all trading platforms.

He also added that the consortium will be able to interact with regulators and legislators in the effort for developing a long-term solution for proper compliance which does not stifle innovations in the blockchain-powered financial services sector.

Crypto Market Cap Increase $12 Billion As BitMex Pauses Services

The total market capitalization of cryptocurrencies jumps $12 billion which has peaked at $222.8 billion before going back to $219.7 billion at the time of this writing.

BTC was trading sideways at the range of $6,400- $6,500 before a steep 5% spike in less than one hour peaking at $6,790.

All of the top ten cryptocurrencies except from one crypto have seen an increase of about 4-9% during the day.

Among these top gainers is EOS which is seen up by 8.7% and trading at around $5.19 during that day.

Vechain (VET) has seen the most significant growth among the top 20 altcoins with an increase of about 18.67 percent to trade at $0.015.

Some commentators in the internet pointed out that the upswing across crypto markets began just as Bitmex the leverage crypto trading platform Bitmex announced it was halting trading for scheduled maintenance at 1:00 AM UTC.

Bank Of Thailand’s Cryptocurrency Project

The Bank of Thailand (BoT) has revealed its intent of developing a wholesale Central Bank Digital Currency (CBDC) that will use R3’s Corda Platform.

CBDC’s are digital currencies that are issue by central banks whose legal tender status depends on government regulation or law.

Wholesale means that it will be limited to financial institutions and markets which is different from retail CBDC that are meant for general public use.

R3’ Corda is a distributed ledger technology that was designed to work with the financial services sector and is said to use private network to secure transactions available only to required participants.

BoT is said to be partnering with 8 financial institutions on the CDBC project which includes the following: Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank and HSBC.

Bitmex Rents Most Expensive Offices In Hong Kong

According to local news outlet in Hong Kong, leveraged Bitcoin trading platform Bitmex has rented Cheung Kong Center 45th floor which is said to be one of the most expensive offices in the world.

The average rate per square foot in the new location is about US$28.66 which is said to be about nine times higher than what it was renting before.

At that rate with the entire floor consisting of around 20,000 square feet, the leasing expenses will add up to US$573,200.

Despite the priciest real state rental in the world, Hong Kong has managed to attract several high-profile crypto and blockchain firms this includes Block.One which has leased 16,600 square feet of space in Hong Kong’s Central Plaza.

With this new address Bitmex will share the prestigious address with include Bank of Amarica, Barclays Plc, Bloomberg LP, Goldman Sachs Group Inc and the Securities and Futures Commission of Hong Kong.

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