SEC rejects 9 Bitcoin ETF application of Direxion, GraniteShares, and ProShares only to track back and reviews the same again. China crackdown on crypto cutting down all commercial venues, blocking access to all crypto exchanges. Following the cryptocurrency crackdown by the regulator in China Wechat bans all top blockchain & cryptocurrency platforms due to ‘failure to comply with regulations. Also, Alipay distances itself from cryptocurrency.Steve Wozniak announced his involvement with a new blockchain company. Ripple CTO David Schwartz flips the script by calling “Bitcoin Centralized” in his article titled “The Inherently Decentralized Nature of XRP Ledger,” Rialto Trading and Bittrex Team Up on Digital Securities Trading Platform to take on Coinbase. Nvidia decided to end its crypto-specific product venture.Bank of America has filed another patent application for crypto storage
Well, the week saw the SEC not being at its best. In a setback to crypto enthusiasts, the US Securities and Exchange Commission (SEC) recently rejected applications for nine Bitcoin-based exchange-traded funds (ETF) from three separate companies. ETF provider Direxion had proposed to list and trade five Bitcoin ETFs, while GraniteShares and ProShare presented two each, all of which were rejected by the SEC. However, the SEC has further stated that it will review its decision of blocking nine Bitcoin-based exchange-traded funds from coming to market, according to letters the SEC posted on its website. In news from China, first, the countries regulator banned all commercial events related to cryptocurrencies, following which Beijing’s internet finance watchdog, the China National Fintech Risk Rectification Office, said that it has planned to ban IP addresses for 124 offshore cryptocurrency exchanges in the near future. It was further reported that the agency will permanently shut down domestic websites and official accounts on the WeChat messaging app if they are found to be providing crypto trading and ICO services. Following this Clampdown Alipay the largest payment application in China came forward and officially banned over-the-counter (OTC) Bitcoin trading, prohibiting traders from utilizing Alipay accounts to initiate digital asset trades. Speaking of some prominent 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 Wozniak’s first venture into the cryptocurrency space. Remaining relatively secretive, the Equi website only states that the project will “disrupt Venture Capital, Real Estate, and Luxury Asset Investing.”
The platform is scheduled to launch in winter of this year. Also, Ripple CTO David Schwartz released an article titled “The Inherently Decentralized Nature of XRP Ledger, in which he called Bitcoin centralized flipping the script. In the article he pointed out As of today, four mining groups currently control 58 percent of the Bitcoin network and three miners account for 57 percent of Ethereum’s daily capacity. Further, 80 percent of the mining on the Bitcoin blockchain is centralized in China, despite the country’s ban on digital assets. This puts it at greater risk of being manipulated by a single, sovereign government.
Among exchanges, the US-based cryptocurrency exchange Bittrex is teaming up with Rialto Trading that operates a regulated Alternative Trading System (ATS) for trading fixed income products to position itself akin to Coinbase. In Mining Nvidia decided to end its crypto-specific product venture. In a statement last week, CFO Colette Kress explained, “Our [Nvidia’s] revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward.” From corporates, Bank of America has filed another patent application for a system that manages cryptocurrency storage in an enterprise environment.
Bitcoin rise and fall this week was around the ETF decision. The minor drop in price came when the 9 ETF’s were rejected by the SEC but the price swung back when the news broke out that the SEC will be reviewing the decisions again. The prices hit the high point of USD 6,816.79 and the lowest point of USD 6,297.93 during the week. Apart from the outliers of BitMEX and BitForex that had volumes of 23.97% and 33.31% respectively, the exchanges that were more active, in volumes, with BTC across various pairs this week were, DOBI Trade (2.53%), OKEx (1.43%), Binance (1.31%)
Some prominent voices for Bitcoin this week were Bitcoin bull Bobby Lee revealed that he fully expects for the price of the foremost crypto asset to skyrocket to $60,000 “in the coming years.”While BitMEX CEO Arthur Hayes stated that he would like to see the BTC price fall to the $5,000 region before recovering and initiating a 2017-esqe rally to ensure that the market does not expose itself to the creation of a minor bubble.
Ethereum wasn’t in its league this week and its price slumped 7% despite some positive move from Bitcoin.Ether prices, on the top, this week were at USD 304.37 and were at lows of USD 265.00 is pretty much in this range. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Trade (10.43%), CoinBene (4.27%) and Binance (2.97%) again BitForex being an outlier 27.02%.
In the news that surrounded Ethereum, One of Ethereum’s First Whales is Funneling Millions to Bitfinex. That anonymous investor, who received more than 314,000 ETH from the network’s Genesis block as a result of their investments in the Ethereum initial coin offering (ICO), has this week funneled approximately 20,000 ETH to Bitfinex, worth approximately $5.5 million.
Also, read: Bitcoin Shorts Closing Quickly Signals Good Times are here to Come
XRP’s after some good rally previous week was weakening down with a minor drop of close to 2% .On the top, this week the prices of XRP were at USD 0.351689 and towards the bottom, it quoted USD 0.316613. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (11.39%), HitBTC (10.93) and Huobi (9.98%)
XRP had some great news this week Ripple’s CTO David Schwartz gives reasons why XRP ledger should be called a Decentralized Blockchain. Even Asheesh Birla Senior Vice President, Product at Ripple on his CNBC program Crypto Trader XRP ledger is decentralized and Ripple has plans of further decentralizing it. As XRP doesn’t have a mining system it has validators around the world that validate the transaction. He also said Ripple Inc holds around 10 validators in-house among 100s that are globally present and Ripple has further plants to decentralize these validators as well
The Other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on Aug 26 at 10:30 pm IST) were
- WABnetwork – Showing a rise of 165.60%
- B2BX – Showing a rise of 161.59%
- Digitex Futures – Showing a rise of 144.93%
- ETERNAL TOKEN – Showing a drop of 50.12%
- DigiFinexToken- Showing a drop of 50.07%
- CEEK VR – Showing a drop of -46.06%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Bitcoin, Ethereum, Ripple Price Analysis for the Week August 20 to August 26 appeared first on Coingape.
Written by Nilesh Maurya @ https://coingape.com/bitcoin-ethereum-ripple-price-analysis-august-20-26/ August 26, 2018 Nilesh Maurya