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Will The SEC VanEck Decision Cause a Crypto Crash?

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Crypto markets have been on fire in recent weeks. Some say that they have gone up too fast and a massive correction is inevitable. Charts have been on 2017 redux as Bitcoin went parabolic again but one decision due this week could bring it all crashing back down again.

SEC VanEcK Decision Tomorrow

The crypto sphere is starting to express concern about the imminent decision on the VanEck exchange traded fund by the US Securities and Exchange Commission. The proposals for Bitwise and VanEck were published in the Federal Register on February 15 and 20 respectively. The regulator then has 90 days to make a decision, which for VanEck is due on Tuesday May 21.

There are three possible scenarios; firstly the EFT could be denied, secondly it will be approved and thirdly, and most likely, there will be a further delay. Economist and trader Alex Krüger pointed out that “A rejection would likely result in a great opportunity to buy the dip.”

Bitcoin and crypto markets are overdue a serious pullback. The minor dip that occurred at the end of last week did not last long and by Sunday Bitcoin was already surging back towards $8,000. Crypto trader and investor Josh Rager remains confident though;

“‏To answer ETF questions. May 21st is deadline.
Expected outcome is delay with likely minor impact on price (slight pullback to support which is bought up). Even with delay $BTC could continue to push up in the coming weeks to new yearly high,”

In an earlier tweet he noted that the upcoming ETF decision could certainly have a serious impact on BTC price but has since changed tune.

Bitcoin Still Bullish

At the time of writing Bitcoin was still heading upwards. The momentum that kicked off in early Asian trading on Sunday carried on into today as BTC returned to its 2019 high of $8,250. It has recovered fully from the two day correction which sent it back to low $7,000s and appears poised for further gains.

Daily volume has picked up again and is currently around $24 billion with Bitcoin remaining above $8,000, up a percent or two on the day. The majority of the major altcoins are gaining at the time of writing with Dash having a big 10 percent pump. Total market cap is just below $250 billion which is the highest it has been for around ten months.

A big correction, if it does come, will provide ample opportunity to load up on cheaper Bitcoin before things head north again.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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