The last week of July has been exciting for the cryptocurrency markets. Arguably the biggest news is that the U.S. Securities and Exchange Commission (SEC) rejected a proposal for a Bitcoin (BTC) exchange-traded fund (ETF). On Thursday, the SEC announced that it had rejected the Winklevoss twins’ Bitcoin ETF proposal for a second time, citing concerns over market manipulation and overseas volume. After the 3 to 1 vote against approval, Hester Peirce, the lone commissioner who issued a dissent, became a celebrity among the cryptocurrency community. She argued that the SEC exceeded its authority in rejecting the proposal.
Here’s the rest of the week in review:
A recent study published by the European Parliament is optimistic about the digital currency’s role. The study by the Committee on Economic and Monetary Affairs argues that digital currencies will reshape competition in the cryptocurrency sector. The idea is that permissioned central bank-issued digital currencies have the potential to compete with open source private cryptocurrencies and help prevent collusion and oligopoly.
Blockchain startup Civil wants to change journalism. Civil is creating an ecosystem that will enable independent journalists to create high-quality content in a decentralized and transparent manner. Its goal is a platform free of fake news, manipulative ads, censorship, ad intellectual property violations. Because its token sale is slated for August 13, Civil has created a difficult due diligence quiz for prospective investors. The vetting quiz is meant to be challenging, and Civil has offered support to help people pass the quiz and learn more about the nonprofit’s mission.
A Rolling Stone feature profiles Brock Pierce, the cryptocurrency billionaire associated with Block.one and EOS. The piece covers Pierce’s plans to give his entire net worth to philanthropy and help create a blockchain utopia in the downtrodden U.S. territory, Puerto Rico. It explores his carefree personality, business acumen, and entrepreneurial past. The riveting long culture feature details the grand dreams and lifestyle of a member of the crypto elite.
A secretive meeting in Chicago with the Nasdaq exchange, cryptocurrency exchanges, Wall Street representatives is spurring rumors of cryptocurrency legitimization. Bloomberg reports that attendees discussed future regulation, surveillance tools, and potential partnerships. An unnamed source stated that the meeting’s goal was to encourage the cryptocurrency industry to improve its public image and prepare for institutional adoption. The meeting could be a sign of the industry’s increased willingness to work with traditional financial giants.
This week cryptocurrency prices rose again, buoyed by BTC and Stellar’s (XLM) gains. The AltDex 100 Index (ALT100), a benchmark index for the industry’s leading exchange tokens, increased over 6% this week and sits at 110.40.
Other cryptocurrency categories have also performed well over the last week. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, increased over 4% while the AltDex Privacy Coin Index (ALTPRV), which defines and monitors cryptocurrencies and tokens focused on privacy or security, is up around 5.5%.
The biggest losers are BitcoinDark (BTCD), down 18%, and TokenPay (TPAY), down 15%. The biggest winners are Tao (XTO), up 52%, and Peercoin (PPC), up 46%. Next week will likely see a retest of the $300 billion level for the overall market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.