Bitcoin ETF Delay; Cryptopia Enters Liquidation; BitGo Unveils New Institutional Service

Leading the crypto headlines over the past 24 hours was the all-too-familiar announcement by the SEC to delay a decision on whether or not to approve a bitcoin ETF. We also learnt that New Zealand-based crypto exchange, Cryptopia, pulled the pin on its short-lived attempt to revive its business following a recent hack, announcing it has gone into liquidation.

It wasn’t all bad news in the crypto space, however. One particularly promising piece of news came from leading custody provider, BitGo, who announced the launch of a new clearing and settlement service it believes solves a number of problems that have long deterred would-be institutional investors from gaining exposure to the cryptoasset class.

In the markets, bitcoin (BTC) dipped 1.17% for the day to trade at $7,883.1, at the time of writing. Indicative of traders taking BTC-denominated profits, ether (ETH) spiked 9.9% to $226.7, its highest point in over seven months. Additionally, the MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,698.1, a 4.9% rise over the past 24 hours.

Ether ETHUSD Ethereum CryptoCompare

SEC Again Delays Decision on Bitcoin ETF

In a document published by the U.S. Securities and Exchange Commission (SEC), the financial regulator revealed it would hold off on making a decision on the Bitwise exchange-traded fund (ETF) proposal filed with NYSE Arca.

Once the Bitwise ETF is published in the Federal Register, a three-week-long public comment period will commence. This will be followed by a two-week-long period for responses. The SEC has until August 14 to make a decision on the Bitwise ETF. Should they - for the last possible time - choose to delay once more, the final deadline will become October 13.

Crypto Exchange Cryptopia Halts Trading, Enters Liquidation

The recently-hacked crypto exchange, Cryptopia, yesterday announced it has halted trading immediately and entered liquidation. In a statement by the appointed liquidators – Grant Thornton New Zealand – they explained they “are focused on securing the assets for the benefit of all stakeholders.”

Customers and suppliers of Christchurch-based Cryptopia will be contacted by Grant Thornton “about its appointment in the next few days,” according to the press release.

BitGo Launches New Settlement Service for Institutional Clients

The world’s leading crypto custody provider, BitGo, announced it is launching a new clearing and settlement service for its institutional, regulated BitGo Trust Company clients. The product – which is an off-chain settlement solution – will ensure cryptoassets never leave custody whilst being transferred. This is possible because BitGo will, on either side of their clients’ trade, act as the custodian.

In addition to reduced counterparty risk, BitGo’s new solution promises to be a more efficient and compliant way for institutional investors to clear and settle cryptoasset transactions.

“Until now,” BitGo’s chief executive Mike Belshe explained in a press release, “in a digital asset trade, one party needed to assume all of the risk and act on the counterparty’s good faith, and this doesn’t really work for institutional investors.”

OKEx Adds Dogecoin Margin Trading and Savings Accounts Amid Viral Pump

Popular cryptocurrency exchange OKEx has announced it’s adding Dogecoin (DOGE) margin trading and savings accounts, as well ads a DOGE/USDT-margined perpetual swap trading pair.

According to the cryptocurrency exchange’s announcement, DOGEª/USDT trading pairs will be available for spot margin trading, and tiered margin trading benefits will apply to it. The cryptocurrency, launched in 2013 as a meme, has been going through a viral pump thanks to a TikTok video.

As CryptoGlobe reported, TikTok user James Galante asked other members of the social media platform to invest $25 into Dogecoin, which would give them 10,640 DOGE on Robinhood at the time the video was created. The goal was to help the cryptocurrency’s price reach $1, giving them a return of over 42,000%

Despite being launched as a meme currency with the popular Japanese dog breed Shiba Inu as its mascot, Dogecoin has a dedicated community behind it that, in 2014, raised $25,000 to help the Jamaican bobsleigh team attend the Winter Olympics in Sochi, and later on raised $55,000 to support NASCAR driver Josh Wise, among other things.

Since the viral TikTok video was published the price of DOGE moved from $0.0022 to a high of $0.0047, before dropping back to $0.0037 after the hype surrounding it started dying down. Nevertheless, CryptoCompare data shows DOGE is still up over 44% in the last 30-day period. Its volume went up by 683%.

DOGE.pngSource: CryptoCompare

OKEx’s announcement details Dogecoin has also caught the attention of some of the most influential people in the world, including Tesla and SpaceX CEO, who tweeted about DOGE in April of last year and helped the cryptocurrency’s price soar because of it.

Commenting on the listing Jay Hao, OKEx’s CEO, said that the exchange is pleased to offer its users new trading and savings featured for Dogecoin, and added:

DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research.

Featured image via Pixabay.