Bear market aside, Bakkt, Coinbase Custody, and Coinbase Wallet are a few examples of products helping to bring cryptocurrency mainstream. In simple terms, these three products are kind of a big deal and could have a major positive effect on the cryptocurrency space in the coming months.
This section covers cryptocurrency ETFs, ETNs, trusts, funds, and other such products. For example, this section includes GBTC.
NOTE: The Bitcoin Investment Trust (GBTC) is a trust that holds Bitcoin. Shares of the trust can be purchased on the stock market. The trust holds about 170,000 bitcoins. Each share represents about .092 bitcoins (so if you own 10 shares, you own contracts that represent just under 1 bitcoin). In other words, GBTC isn’t a cryptocurrency. Instead, it represents ownership of a cryptocurrency held in a trust by the Greyscale investments.
The Ethereum Classic Investment Trust (ETCG) is an investment product by Grayscale which gives investors and traders exposure to Ethereum Classic (ETC).
After rallying over Bitcoin ETF hopes in July, and then crashing over ETF fears in August, the market didn’t even flinch as the SEC rejected 9 Bitcoin ETFs at once on August 22nd.
The SEC must approve or deny two Proshares Bitcoin ETFs this week. The deadline is Thursday the 23rd, they cannot extend the decision. This isn’t great timing considering the price of Bitcoin, recent ETF drama, and the SEC’s history of denials…. or is it?!
A Swedish Bitcoin Exchange Traded Note (ETN) called Bitcoin Tracker One (CXBTF) can now be invested in via some US markets. Check with your broker/exchange to see if the product is offered.
The SolidX ETF was postponed by the SEC until September 30, 2018. This decision was expected Aug 16, but came Aug 7 instead. Although many were hoping for approval, an extension is notably not a denial. Also, a new service called Bakkt goes a long way to making the SolidX approval a non-issue.
Bakkt is un upcoming exchange by the Intercontinental Exchange ICE (the parent company of the New York Stock Exchange NYSE). This is pretty much the biggest crypto news of 2018, if not ever. I explain why.
Bakkt is an upcoming exchange by the Intercontinental Exchange ICE (the parent company of the New York Stock Exchange NYSE). Bakkt “will enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”
There is a ton of bullish news for crypto this week (for example Starbucks entering the crypto space) despite a correction that started over a panic over a Winklevoss ETF no one cared about until it was suddenly rejected again.
After having their Bitcoin ETF proposal rejected by the SEC in January, the Winklevoss twins submitted an updated proposal with a few tweaks. That updated proposal was rejected by the SEC on July 26th. However, there are a number of other ETF proposals on the table.