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VanEck Bitcoin Trust ETF Falls Short On The Expectations

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VanEck Bitcoin

VanEck Bitcoin trust ETF fell short on the expectations after the company was looking forward to the SolidX trust launch that was supposed to help the institutional investors get close to crypto as we reported previously in the altcoin news here on DC Forecasts.

The company has been in the headlines of the Bitcoin circle for quite some time now since it submitted the highly criticized VanEck Bitcoin Trust ETF proposal to the SEC. For some, the United States Securities Exchange Commission and its approval for a Bitcoin ETF is the major catalyst towards massive Bitcoin acceptance. It will open up the door to a huge number of investors and send the price of BTC skyrocketing. However, we cannot expect this to happen any time soon. Just yesterday, the SEC Chairman Jay Clayton told CNBC that while we are getting closer to seeing a Bitcoin ETF, there is still some work left to be done. Clayton also noted the same issues that are hovering above the unregulated exchanges and manipulation. He also added that the harder questions are the one needing answers. This, however, is not stopping the investment management giant on its way.

VanECK is proud because the company is always ‘’outside the confines of financial markets’’ and identifies the new trends and as such the company launched its VanEck Bitcoin Trust ETF SolidX as:

 “the first open-end and DTC-eligible bitcoin security that can be held in a brokerage account.”

Three days after the opening, the company has only four bitcoins under its management. To be managing total net assets of just more than $40,000 it is hardly a decent objective for such a big fish in institutional investment remarks. The popular economist Alex Kruger pointed out that this massive demand from the institutional investors in a sarcastic tweet. He pointed out that the trust so far has only managed to issue just one ‘’whopping’’ basked of four bitcoins. The numbers are disappointing for the company but this does not mean a total defeat after all.

The co-founder of Fundstrat and bitcoin analyst Tom Lee pointed out that it is too early to judge the success of the project because VanECK Bitcoin Trust ETF SolidX will gain traction and will be seen. From here on, it looks like all eyes are on the pending ETF as we are finding out per the best cryptocurrency news sites.

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Blockchain News

Canada’s Revenue Agency Will Pursue The Revenues Of QuadrigaCX

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Canada’s Revenue agency will start going after the hidden revenues of the QuadrigaCX crypto exchange which shut down in January 2019 after it went through a long bankruptcy procedure as we read previously here in the coming altcoin news. The revenue agency of the country has turned its attention to the potential revenues that could be hidden from the now-defunct exchange. The Globe and Mail reported that the Trustee on QuadrigaCX bankruptcy case has already provided tax return files for the past earnings but so far the exchange has faced investigations by the FBI for the same case and also by the Canadian Royal Mounted Police. Ernst&Young was the first company appointed as a Monitor and later as a Trustee when QuadrigaCX entered the bankruptcy procedure. The auditing company provided prolonged research of the company’s assets aiming to uncover the exchange’s reserves of Litecoin, Bitcoin, and Ethereum. The research, however, did not yield any addresses and it turned out over the course of its life that the exchange could have emptied out both of the crypto and cash reserves. The owner of the exchange Gerald Cotten was later found and pronounced dead in India in 2018 just a month before the exchange closed. It was believed that the owner controlled the large wallets and his death led to the loss of the private keys. The investigations showed that the finances of QuadrigaCX were used privately and the Cotten even purchased houses and other luxury items with those funds. The losses from the exchange reached between $70 and $130 million. Canada’s revenue agency started investigations that showed some of the funds from the exchange were moved to Kraken. The European market is one of the markets that offer liquidation for cash and QuadrigaCX was one of the exchanges that used to move its crypto to cash and attract large-scale sales. The bankruptcy of the cryptocurrency exchange affected more than 115,000 traders and the detailed investigation that was conducted by Ernst&Young and many legal teams cut all of the funds that were available for the creditor redistribution. Canada’s revenue agency investigation will also incur additional fees according to the trustee’s statements which we have in our latest cryptocurrency news.
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Bitcoin.com Crypto Exchange Is Reportedly Faking Its Volumes

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Bitcoin.com crypto exchange is reportedly faking its real volumes as per the reports that we have in our latest cryptocurrency news. The market operator is using the Multiexchange.com service and it is sharing order books with some of the several major markets. Posting on Twitter, Dan Hedl mentioned that Bitcoin.com merged the orders of its platform with Bequant and HitBTC and presented a very high activity. The merged order books are one of the efficient ways that the exchange used to report their trading activity. Over the past year, some of the exchanges showed up huge trading volumes and most of them were probably generated by bots. The previous research showed that the faked activity of the exchanges is significant in some of the markets and sometimes even makes up to 90 percent of all trading. CoinMarketCap has even set out a mission to make the exchanges report the real volumes and to reveal the order books. The Bitcoin.com crypto exchange is a relatively new platform on the crypto scene so now the markets make complete profiling of the brand which also hosts a mining pool and a crypto wallet. The exchange is also planning to launch a futures market and has since opened a procedure with the US Commodities Futures Trading Commission. The new exchange brand has received something of a bad reputation in the crypto industry since the site and the wallets were launched by the crypto evangelist Roger Ver. He later switched teams and started supporting Bitcoin Cash and was later accused of misleading behavior for securing the Bitcoin.com brand and switching places of the assets in the wallet. The Bitcoin.com mining pool mines on both the Bitcoin and Bitcoin Cash blockchains. On the Bitcoin network, the pool only discovers 0.69% of the blocks. On the Bitcoin Cash network, the company discovered between 6 and 8 percent of all blocks. At this point, it is unknown what kind of effect trading on the recently launched exchange will have. It is still not listed among other markets and there are no clear statistics but with time the volumes will only show later. The launch of the exchange as per the coming altcoin news fails to lift the market price of Bitcoin Cash. The coin performs with decent stability and the altcoin is still unable to recover from the 2018 levels.
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German Government To Combat Libra With New Blockchain Strategy

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The German Government just approved its proposed its new blockchain strategy for combating crypto projects such as Facebook’s Libra and in today’s coming altcoin news. According to Spiegel, Germany’s federal cabinet will now approve its blockchain strategy which as announced back in June this year. This move is clearly a sign that the country has an intention to become a part of the emerging global economy and the government-run Bundes-Chain now sounds like the latest threat for Libra in Europe. The representative of the center-right Christian Democratic Union Thomas Heilmann says that the German Government and the legislative of the country has already worked on an agreement to prevent the operation of any ‘’market-relevant private stablecoin.’’ Commenting on the same matter, Heilmann noted:
‘’Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.’’
Rather than Libra entering the market in Germany, the authorities appear to be in favor of creating a new state-backed digital currency which will run on the Bundes chain. Part of Germany’s proposed blockchain strategy involves creating a simple framework for crypto startups in the country. As it was previously reported in some of the best cryptocurrency news sites, BitBond in 2019 launched the first even regulated security token offering in Germany. According to Heilmann, the German government hopes that the new blockchain strategy will help the local crypto startups to enjoy the competitive advantages of the market over foreign counterparts. There is also very little information on how the government-run Bundes Chain will incentivize the private participants. For the crypto analyst Alex Kruger, some of the other countries will copy the approach Germany has with the emerging cryptocurrency and blockchain technology industry. Also, the French Finance Minister Bruno Le Maire declared that the country will also work towards blocking the libra crypto project in Europe. Le Maire also explained that Libra is a huge threat to the economic sovereignty of Europe. In China, the central bank is also trying to launch the digital yuan project which is a part of the efforts to block Libra.
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Crypto Lawyer Claims: The Lost Mt.Gox Funds Can Be Recovered

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Crypto lawyer from a Moscow-based law firm claims that there is a solution to get the lost funds from the hacked Mt.Gox exchange as we are about to read in the coming altcoin news. The creditors of the exchange still wait for the Japanese court to resolve what happens with their lost funds and according to them, ZP Legal is the company who contacted them earlier this year and offered them an opportunity to recover almost a quarter of the missing 850,000 bitcoin who disappeared in 2014 during the exchange hack. The coins are worth more than $8.5 billion today. The law firm estimated that more than 200.000 of the coins can be recovered by taking legal action against the Russian nationals who received the stolen money. In return, the law firm will charge the creditors 50 to 75 percent of the recovered sum as well as an hourly rate. ZP Legal says they will only accept payments in an event of a successful recovery. The managing partner and crypto lawyer from ZP Legal, Alezdander Zheleznikov, believes that some of the money which were stolen from MT. Gox might have ended up on another exchange which is also not functioning at the moment. In fact, his claim was investigated by the former Mt.Gox user Kim Nilson who alleged in order by the US District Court of the Northern District of California. Following the order, the now-defunct BTC-e exchange and its operator Alexander Vinnik got arrested in Greece in 2017 and is now facing extradition to the US or Russia to face trial over money laundering accusations. Zheleznikov believes that the criminal case against Vinnik can be accelerated if the creditors from MT. Gox come forward as victims and help law enforcement establish a connection between the two exchanges. He added:
 “Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case.’’
ZP Legal claims to have successfully recovered as much as $1 million of the funds on behalf of an unnamed client from another exchange based in Russia as we read in the latest cryptocurrency news.
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