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CBOE has resubmitted VanEck/SolidX Bitcoin ETF

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CBOE has resubmitted VanEck/SolidX Bitcoin ETF

Last week CBOE was forced to withdraw the VanEck and SolidX Bitcoin ETF proposal due to the government shutdown that was occurring in the United States.

Political squabbles led to Congress not being able to meet the budget deadline. The shutdown lasted for weeks and showed no sign of stopping. With non-essential government employees out of work, many processes, including the in the SEC were slowed down and even halted.

With what had been called the final deadline coming up, CBOE decided to pull the proposal to avoid possible future snags.

The CEO of VanEck, Jan van Eck, explained the move on CNBC.

“The shutdown affected the U.S SEC, we were engaged in discussions with the SEC regarding Bitcoin-related issues, market manipulation, prices, custody, and that had to stop. So, rather than trying to sleep through or something, we just had to withdraw the application and we will re-file and re-engage in the discussions when the SEC gets going again.”

After weeks of uncertainty, the United States Congress finally came to a temporary agreement that ended the shutdown. However, another could potentially be brewing with the United States still in political turmoil.

With the government shutdown resolved for now, the proposal has been re-submitted according to Gabor Gurbacs, the digital assets director at Van Eck.

@gaborgurbacs tweeted,

“The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document: cdn.cboe.com…

Just because the proposal has been re-submitted, there is no guarantee that it is approved. Still, there is renewed optimism that an ETF will become a reality soon.

The acceptance of the Van Eck proposal has been long anticipated, and many experts expect a flood of new money to be introduced to the space once the ETF is finally launched.

Cryptocurrency

Tron (TRX) Finds its Way Back to the Top Ten List

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Tron CEO Justin Sun, known for his flair for publicity and announcement of any achievement on his network announced in a tweet that Tron has made its way back to the list of top ten performing cryptos. TRX’s performance has been outstanding since the second quarter of 2019 both in its level of development and features.

According to the Coinmarketcap.com index at the time of writing, the trend curve shows Tron is moving higher than most other coins including Bitcoin (BTC) and Ethereum (ETH). It currently trades at $0.039 increasing at 6.18% in 24 hours at a market cap of $2.6 billion.

A few days ago, Tron (TRX) had a new surge in price which saw it to the $0.04 trading price. This new rate has been retained seeing the digital asset performing higher than most other cryptos.

Looking at the recent happenings that have created a boost in Tron (TRX) performance; it can be easily seen that though the network has recorded few partnerships with other companies, more of what pushes up its performance is the volume of activities on the platform.

A report from Dapp.com states that Tron is the most ambitious project in the Dapp field. In the second quarter of the year, it has been able to launch $2 million projects more than other blockchain protocols in upgrading its Dapp ecosystem.

A review of TRX performance reveals that in a space of four months, the transaction volume increased from less than 130,000 transactions to  2 million transactions.

Investors may still not be so willing to stake much on this digital asset even with every sign of high returns, because the trend in activity can change any time.

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World’s Largest Interdealer Broker to Offer Crypto Derivatives

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Why Bitcoin Is Better Than Other Cryptocurrencies

TP ICAP has entered the crypto market where it is to offer crypto derivatives, hoping to boost its dwindling core business which is in commodity, financial and energy markets. Last year, TP ICAP lost 36% of its market value in the wake of the financial crisis.

It has since salvaged about 10%. TP ICAP is set to be the intermediary between customers wanting to buy and sell Bitcoin futures, Bloomberg reports.

The firm’s new venture will be based in London and will be led by Simon Foster and Duncan Trenholme. This move is however not sudden as it might seem. Roughly a year ago, TP launched a working group tasked with examining the firm’s best approach to cryptocurrency.

Notably, a year later, they announce their approach to crypto to be trading of Bitcoin futures and they envision adding non-deliverable forwards (NDFs) tied to Bitcoin.

This is a sweet spot for the firm as it joins other big players such as Fidelity Investments, JP Morgan, and Intercontinental Exchange to engage in crypto derivatives trade. These firms’ decision to engage in Bitcoin, derivatives trade is unlike their clients’ who prefer to not trade in cryptocurrencies that are still recovering from the infamous yearlong slump.

Bakkt, a much-anticipated crypto trading platform known for its multiple delayed times is set to launch its own physically settled Bitcoin futures trading testing on July 22. Additionally, Nasdaq is set to launch its own crypto futures platform during the course of this year.

“Every institution is on an educational journey,” said Trenholme, who is co-leading TP ICAP’s new venture. “Many are exploring how tokens can legitimately be traded or stored and I’d expect more projects to hit the market over the next year or two.”

TP ICAP is also exploring other digital asset offerings. The firm is thinking about participating in the actual cryptocurrency market. “We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market,” said Simon Foster.

“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”

This venture will entail cash-settled futures contracts trading on a regulated market which will be managed by CME Group to avoid potential risks of fraud and market manipulation. Their clients will also have to undergo rigorous anti-money laundering and identity checks.

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