Cryptocurrencies started the week in red, but rebounded mid-week with Bitcoin hitting a two-week high.
The rebound proved to be short-lived as cryptocurrencies tumbled later on Wednesday after the US regulator rejected several applications for Bitcoin exchange-traded-funds.
However, the news that the Securities and Exchange Commission is set to review its rejection of requests for Bitcoin ETFs pushed cryptocurrencies higher Friday.
As of 12.20 pm ET, overall cryptocurrency market capitalization was $210.86 billion and the Bitcoin dominance rate 53.4 percent on CoinMarketCap.
Here is a collection of the main news from the cryptocurrency and blockchain space over this week.
SEC Rejects Bitcoin ETF Applications; To Review Decision
The U.S. Securities and Exchange Commission rejected around nine applications for Bitcoin exchange-traded funds or ETFs, including that of ProShares. The denial of proposals from three different applicants were over concerns about fraud and manipulation of bitcoin markets. However, the watchdog was reportedly mulling a review of its decision. Ahead of the rejection, the top cryptocurrency shot up from around $6,441 by midnight Wednesday to a two-week high of $6,795 around 1 am ET. In other news, Bitcoin significantly improved its position when the Chinese government revised its official cryptocurrency rankings. Bitcoin, which had dropped to 16th place in July, jumped to No. 10 this month making it to the top 10 list for the first time.
US Crypto Exchanges To Discuss Self Regulation
A number of U.S. cryptocurrency exchanges, led by Gemini Trust, have joined together to discuss setting up a self-regulatory organization in the cryptocurrency industry. The Virtual Commodity Association or VCA, created by Gemini exchange co-founders Cameron and Tyler Winklevoss, will meet for the first time in September. In the UK, cryptocurrency trading platform Crypto Facilities announced the addition of Bitcoin Cash to its list of derivative offerings. It is the first BitcoinCash-Dollar futures to be offered by a regulated firm. The new derivatives contract started trading on Friday, August 17. And Bitcoin wallet and payment card provider Wirex became the third crypto-friendly company in the world to be granted a UK Financial Conduct Authority (FCA) e-money license.
EToro Signs Bitcoin Advertising Deal; Australian Can Pay Bills In Cryptos
Israeli social trading platform eToro signed an advertising deal with seven of UK’s Premier League football clubs, for which payment will be made in Bitcoin. The deal will also see eToro becoming an official club partner. Cryptocurrency exchange Cointree announced its partnership with automated billing platform Gobill, allowing Australians to settle their household bills with various cryptocurrencies. Still in Australia, Sibos, the biggest banking technology conference, will not have cryptocurrency firms exhibiting their products at the upcoming annual event, London’s Financial News reported, citing sources. The move has sparked a row between the organizer of the conference and the fintech companies. The conference in Sydney, Australia is expected to host over 8,000 people.
Bank Of Thailand To Develop Wholesale Central Bank Digital Currency
The Bank of Thailand is partnering local financial institutions to launch a project dubbed “Inthanon” to develop a wholesale Central Bank Digital Currency (CBDC). The project is also expected to enhance operational efficiency of the Thai financial market infrastructure using Distributed Ledger Technology.
JD.com To Launch Enterprise Blockchain Platform; Metlife Unveils Health Insurance Product
Chinese retailer JD.com is set to launch a new blockchain technology platform for enterprise customers to build, host and use their own blockchain applications. Insurance provider MetLife, Inc. announced the development of first healthinsurance product using blockchain technology to trigger an automatic payout. MetLife Asia’s Singapore-based innovation center, LumenLab, has begun testing automated insurance solution, known as “Vitana”, using blockchain to offer pregnant women financial protection in case of gestational diabetes, without ever needing to make a claim. And U.S.-based snack maker ZEGO has developed a blockchain-based Z-CODE system to test products for allergen, gluten and chemical residues such as glyphosate.
China’s Atlas Protocol Secures Multi-million Investment Led By Softbank
Chinese blockchain startup Atlas Protocol has secured a multi-million dollar investment led by SoftBank China Capital (SBCVC), followed by Baidu Ventures, Danhua Capital and Fenbushi Digital. The seed amount raised was not disclosed. In the US, blockchain technology researchers at the University of California-San Diego received around $800 thousand grant from the U.S. government.
UPS, Capital One Files Patents For Blockchain-based Services
Shipping giant United Parcel Service or UPS filed for a new patent to use blockchain to assist in simplifying package delivery around the world. Bank holding company Capital One Financial Corp. has filed a patent application for the methods and systems of using blockchain technology for collaborative user authentication.
World Bank Launches Blockchain Bond To Raise A$110 Mln
The World Bank priced the world’s first blockchain-operated debt instrument, termed bond-I, to raise A$110 million. The lender had picked the Commonwealth Bank of Australia (CBA) as the sole arranger of the transaction earlier in the month. The two-year Australian-dollar Kangaroo bond is the first debt instrument to be created, allocated, transferred and managed through its life cycle using blockchain.
China Bus Operators To Receive $24 Bln Blockchain Funding For Upgrading
Blockchain and AI technology company Seven Stars Cloud Group Inc. will help a major Chinese bus-service operator raise $24 billion through its blockchain ecosystem to support large-scale upgrading of electric buses. The company signed a three-year $24-billion deal with National Transportation Capacity Co Ltd (NTS) to issue fixed income lease financing-based products through its regulatory compliant blockchain ecosystem.
As of 12.21 pm ET, Bitcoin was down 0.28 percent for the week at $6,517.22 and Ethereum was lower by 13.65 percent at $272.11 on Coinbase.
by Jyotsna V