SEC refuses to apply 9 Bitcoin ETFs of Direxion, GraniteShares and ProShares just to track and review the same. The Chinese crackdown on the crypt that breaks down all the commercial sites, blocking access to all crypted exchanges. Following the regulator's crackdown of cryptocurrency in China, Wechat bans all the best blockchain and cryptocurrency platforms due to non-compliance with regulations. Furthermore, Alipay distances itself from the cryptocurrency. Steve Wozniak announced his involvement with a new blockchain company. Ripple CTO David Schwartz reverses the screenplay by calling "Bitcoin Centralized" in his article titled "The Inherently Decentralized Nature of XRP Ledger", Rialto Trading and Bittrex Team Up on the digital securities trading platform to win over Coinbase. Nvidia has decided to put an end to its crypto-specific product. Bank of America filed another patent application for the archival crypto
Well, the week saw the SEC not be at its best. In a crackdown for cryptograph enthusiasts, the US Securities and Exchange Commission (SEC) recently rejected requests for nine Bitcoin-based exchange-traded funds from three separate companies. The ETF provider Direxion had proposed listing and trading five Bitcoin ETFs, while GraniteShares and ProShare had two each, all rejected by the SEC. However, the SEC also stated that it will review the decision to block nine publicly traded funds with Bitcoin on the market, according to the letters published by the SEC on its website. In the news from China, in the first place, the regulator of the countries has banned all the commercial events related to cryptocurrencies, following which the Internet finance guard dog of Beijing, the Chinese Office for risk adjustment of Fintech , announced that it has banned IP addresses for 124 offshore cryptocurrency exchanges in the near future. It has also been reported that the agency will permanently interrupt national websites and official accounts on the WeChat messaging app if they are discovered to provide encryption and ICO services. Following this Alipay Clampdown, the largest payment request in China came about and officially banned Bitcoin's over-the-counter (OTC) trading, preventing traders from using Alipay accounts to start asset transactions digital. Speaking of some leading personalities at the recent ChainXchange conference in Las Vegas, Apple co-founder Steve Wozniak announced his involvement with a new blockchain company, Equi. This project is the first adventure of Wozniak in the cryptocurrency space. Remaining relatively reserved, the Equi website only states that the project "will interrupt Venture Capital, Real Estate and Luxury Asset Investing".
The platform is scheduled for the winter of this year. In addition, Ripple's CTO David Schwartz published an article entitled "The Inherently Decentralized Nature of XRP Ledger," in which he called centralized Bitcoin overturning the screenplay. In the article pointed out From today, four mining groups currently control 58% of the Bitcoin network and three miners account for 57% of the daily capacity of Ethereum. In addition, 80 percent of Bitcoin's blockchain mining operations are centralized in China, despite the country's ban on digital assets. This entails a greater risk of being manipulated by a single sovereign government.
Among the exchanges, the exchange of cryptocurrencies in the United States Bittrex is collaborating with Rialto Trading which operates a regulated alternative trading system (ATS) for the exchange of fixed income products to position itself as Coinbase. In Mining Nvidia decided to end its crypto-specific product initiative. In a statement last week, CFO Colette Kress said: "Our revenue forecasts [Nvidia’s] had anticipated specific cryptocurrency products down to around $ 100 million, while actual revenues for specific cryptographic products were $ 18 million. , and now we foresee a negligible contribution in the future "From the companies, Bank of America has filed another patent application for a system that manages the filing of cryptocurrency in a corporate environment.
Bitcoin rising and falling this week was around the decision of the ETF. The slight price drop came when the 9 ETFs were rejected by the SEC, but the price fluctuated when news broke that the SEC will review the decisions again. Prices hit the highest point of 6,816.79 USD and the lowest point of 6,297.93 USD during the week. Apart from the anomalous values of BitMEX and BitForex which had respectively volumes of 23.97% and 33.31%, the most active exchanges, in volumes, with BTC on various pairs this week were, DOBI Trade (2.53%) , OKEx (1.43%), Binance (1.31%)
Some prominent rumors for Bitcoin this week were the bitcoin bull Bobby Lee revealed that he fully expects the price of the main cryptographic asset at $ share 60,000 "in the next few years." While BitMEX CEO Arthur Hayes said he would like to see the price of the BTC fall to the $ 5,000 region before recovering and launching a 2017 rally to ensure that the market does not expose itself to creating a smaller bubble.
Ethereum wasn In his league this week and his price slumped by 7%, despite some positive move by Bitcoin. The other prices, on top, this week were at USD 304.37 and were at USD 265.00 lows is pretty much in this range. The most active markets, in terms of volumes, with ETH on various pairs this week were DOBI Trade (10.43%), CoinBene (4.27%) and Binance (2.97%) once again BitForex being a value anomalous 27.02%.
In the news surrounding Ethereum, one of the first whales of Ethereum is channeling millions to Bitfinex. The anonymous investor, who received over 314,000 ETHs from the Genesis block of the network as a result of his investments in the initial offer of Coins Ethereum (ICO), channeled around 20,000 ETHs in Bitfinex this week, worth about $ 5.5 million.
read: Bitcoin Shorts quickly closes signs Good times are here to come
XRP after a good rally from the previous week was weakening with a slight drop close to 2%. At the top, this week the prices of XRP was at USD 0.351689 and down, it quoted USD 0.316613. The most active exchanges, in volumes, with XRP on several pairs this week were Bitbank (11.39%), HitBTC (10.93) and Huobi (9.98%)
The XRP had a great news this week Ripple CTO David Schwartz provides reasons why the XRP register should be called decentralized Blockchain. Even Asheesh Birla Senior Vice President, Product of Ripple in his CNBC program Crypto Trader XRP is decentralized and Ripple plans to further decentralize it. Because XRP does not have a data mining system, it has validators all over the world that validate the transaction. He also said that Ripple Inc has about 10 internal validators among the 100 present globally and Ripple has further plants to decentralize even these validators
The Other mover and shaker
week after Coin Market Cap (accessible 26 August at 22:30 IST) were
- WABnetwork – with a 165.60% increase
- B2BX – with an increase of 161.59 %  Digitex Futures – Showing an increase of 144.93%
- ETERNAL TOKEN – Showing a fall of 50.12%
- DigiFinexToken- Showing a fall of 50.07%
- CEEK VR – Showing a loss of -46.06%
What do you think the feeling of the crypto markets would be like next week? Let us know your opinions on the same