Bulls Are Back In Town: Bitcoin Bounces Back From ETF Slump to Regain Over 4%

Avi Rosten

minute_CryptoCompare_Index_BTC_USD_289_51532710329431.png

Bitcoin (BTC) has had a turbulent day.

Dropping over 5% in price this morning to fall below the $8,000 level -  it seems that the slump was prompted by the SEC’s (US Securities and Exchange Commission) rejection of the Winklevoss twins’ bitcoin ETF application for the second time.

The cryptocurrency however, has almost completely bounced back to its former heights at the time of writing – regaining over 4% to approach the $8,200 mark - as the title chart from CryptoCompare shows.

All About ETFs

With many suspecting that the current mini-bull run is largely motivated by anticipation surrounding the SEC’s proposals from VanEck and SolidX – it is likely that investors took the rejection of the Winklevoss’ ETF has a bad sign ahead of the SEC’s decision – expected in mid-August.

While there are numerous other bitcoin-related ETF proposals currently lodged with the SEC, those of VanEck and SolidX have generated by far the most attention – with several hundred comments submitted regarding the proposals on the SEC website.

For comparison, the proposals filed by Boston-based ETF provider Direxion Investments at the time of writing have prompted only three comments.

With bitcoin in the latter half of July bucking the generally bearish trend, investors will be encouraged by the resilience shown in the face of ostensibly bad news. A truer test of market sentiment however, will likely emerge when the SEC’s decision on the more hotly-anticipated bitcoin ETFs arrives.

Senate Banking Hearing on Facebook’s Libra; 0.25% of Algorand Tokens Sell for $60 Million

The top daily news from the cryptocurrency and blockchain space:

  • The Senate Banking Committee books hearing on Facebook's Libra cryptocurrency.
  • Bitcoin developers to get 50 bitcoin (BTC) in funding.
  • 0.25% of Algorand's ALGO tokens sell for $60 million.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $9,294.1 (+1.5%) and $269.5 (+0.6%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,314.6 (-0.2%).

 

Bitcoin Ethereum CryptoCompare

Senate Banking Committee Books Hearing on Facebook

The U.S. Senate Banking Committee announced it will hold a hearing on July 16 in order to question witnesses over Facebook’s new cryptocurrency and blockchain project, Libra. As of press time, it has not yet been publicly disclosed which individuals will testify before the Committee.

The hearing – entitled ‘Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations’ – was scheduled just days after the social media giant officially revealed its plans regarding Libra and its new Calibra subsidiary.

Fund to Support Bitcoin Developers with 50 BTC

Primitive Ventures’ Dovey Wan has gathered 50 BTC – roughly $450,000 – on behalf of non-profit organization Hard Core Fund in an effort to sustainably fund Bitcoin developers.

When discussing why she decided to pursue the initiative, Wan told CoinDesk, “right now, you wouldn’t believe it, there are less than 10 full-time bitcoin developers... We want to fund full-time independent bitcoin developers.”

Established in 2018, the Hard Core Fund is managed by Pan Zhibiao, a former Bitmain employee. Wan – who serves as the executive director for the fund – is the only other team member listed on its website.

0.25% of Algorand’s ALGO Tokens Sell for $60 Million

Algorand – a scalable, secure and decentralized digital currency and transactions platform – closed its first Dutch auction with a clearing price of $2.40 per Algo (ALGO) token, the native token of the Algorand blockchain platform.

The auction was administered by the Algorand Foundation, which, in a blog post on Wednesday, said that it now stands as “the first organization to conduct a fully transparent global auction on its own blockchain.”

In total, a paltry 0.25 percent of ALGO’s total supply was sold to successful bidders for $60.4 million. Notably, the Algorand Foundation will – in exactly one year’s time – offer redemptions on tokens at 90 percent of the $2.40 clearing price.

The completion of the inaugural ALGO auction signalled the mainnet launch of the Algorand, also. It was first unveiled by MIT professor and Turing Award winner, Silvio Micali, in early 2017.