While Bitcoin is in a slow run, the US Securities and Exchange Commission (SEC) definitely slowed things even more by denying the Winklevoss twins’ latest attempts to list a Bitcoin ETF on a regulated stock exchange.
Meanwhile, Nasdaq, which is the world’s second-largest stock exchange – was quietly hosting a closed-door meeting with some Wall Street and crypto representatives. According to sources, the meeting’s main point was legitimizing cryptocurrencies as an asset class.
Bloomberg first reported the news about a closed-door meeting taking place in Chicago and gathering the leaders from about half a dozen companies – including the Winklevoss twins who are the co-founders of the cryptocurrency exchange Gemini.
As the publication said, an unnamed source said that the participants discussed the implication of future crypto regulation and what industry firms can do to bolster such regulation of Bitcoin and other crypto assets.
Meanwhile, the CEO of Nasdaq, Adena Friedman, recently spoke about cryptocurrencies and shared her interest in them. As she said then, crypto is “right next step in the space of currency,” even though the “jury is still out” when it comes to mass adoption of cryptocurrencies.
As she said then:
“How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that.
But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”
Nonetheless, Friedman is also staunch of critic on Initial Coin Offerings (ICOs), which according to her, are “taking advantage” of retail investors and are plagued by a lack of transparency and regulatory oversight.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major US Museum Starts Accepting Payments In Bitcoin
“There is a lot of excitement around the conference. Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.”The Museum of the Coastal Bend in Texas as well as the St. Petersburg Museum of History in Florida have both been accepting BTC for quite some time, which makes the Great Lakes Science Center officially the third museum in the US to start accepting crypto as a payment method. With this, it is easy to see that Bitcoin has become a major store of value. The $110 billion in circulation are acknowledged as a proper asset by many large scale institutions, some of which include ICE, Fidelity, Nasdaq and the New York Stock Exchange. This integration comes after Hublot, which is a Swiss luxury watchmaker, successfully integrated Bitcoin in order to sell 210 pieces of its limited edition Bitcoin-themed sports watch for $25,000 a piece, generating more than $5 million in revenue purely through these sales.
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