Crypto fud & shill: Strong Bitcoin ETF demand will push SEC

Another day, another daily crypto market overview! Today is very fruitful for cryptocurrency market, as global regulators continue to share news about their crypto-related developments. In other news, Abra CEO believes that strong Bitcoin ETF demand will push SEC to approve proposals.

5 September, AtoZ Markets Continuing on the series of AtoZ Markets’ daily cryptocurrency market events overviews, today is the day filled with a number of interesting developments from all over the world. 

Crypto fud & shill: Strong Bitcoin ETF demand will push SEC

Let’s start with the CEO of cryptocurrency payment firm Abra. Bill Barhydt has stated that the SEC rejects Bitcoin ETFs because “people who are doing the applications don’t fit mold of who the SEC is used to approving.” He also stated that “It’s going to happen in the next year, I would actually make a bet on it. There is too much demand for it.”

Another piece of news came from the Google Cloud. It appears that the tech giant has made the Ethereum dataset available in their data warehouse for analytics and BigQuery. 

Moving on, the Secretary of Iran’s Supreme Cyberspace Council stated that a number of ministries of the country have moved to accept cryptocurrency mining as an industry. This is according to the local news agency IBENA.

Continuing on the regulation note, the Philippines SEC is reportedly looking to release a new set of trading rules for the cryptocurrency exchanges by the end of the current month.

In another part of Asia, the Shenzhen Central Sub-branch of the People’s Bank of China, the central bank of the People’s Republic of China, has commenced the test phase of its trade finance platform entitled “Bay Area Trade Finance Blockchain Platform.” 

In addition, South Korea Internet and Security Agency has made a decision to double its budget for Blockchain projects in the upcoming year. KISA is a sub-organization of South Korean Ministry of Science and ICT. So how does this translate to the impact of the crypto market? To gain more insights on this, it is best to watch the video analysis below of Yagub Rahimov, the group CEO of 7marketz Inc.

FUD of the day

It happens that some of the news are controversial, as they usually spur speculation and doubts in the market. Let’s look over some of such news that appeared in the last 24 hours. 

  • Cryptocurrency exchange Bittrex is reportedly planning to delist Bitcoin Gold by September 14, after the $18 million double-spending hack of BTG that took place back in May.
  • The Australian Securities Exchange (ASX) has informed the public that it intends to delay its transition to use Blockchain for equity transactions by a period of six months.
  • The MEGA extension for Chrome has been hacked, according to a number of reports. The extension has been compromised and now can steal Monero from users’ computers, along with other sensitive data.
  • According to an update on IBM’s official website, IBM moved its Blockchain World Wire (BWW) payment network out of beta this week.

5 September Cryptocurrency Market Technical Outlook

Bitcoin price now: 7368

Bitcoin Support: 7200

Bitcoin resistance: 7505, 7749

iCoinSentiment: Strong Buy

Ether price now: 284