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IS THE WORLD READY FOR A BITCOIN ETF?
The SEC has published a detailed presentation shared by Bitwise, the venture backed-cryptocurrency index and fund provider, arguing why the world is ready for its first bitcoin ETF on a major exchange. Bitwise thinks the crypto market can support a fund based on spot market efficiency, institutional-grade custody of crypto assets and a growing futures market.
“The reality is that the bitcoin market of today bears little resemblance to the crypto market of a few years ago,” says Bitwise global head of research Matt Hougan.
Ether had one of its best days ever last week, rising more than 10% against the price of bitcoin. But this recent price run doesn’t mean that all altcoins are headed for a turnaround: 2018 and 2019 have been the two worst years on record for the prices of the most popular and longest running bitcoin competitors. Ripple’s XRP also saw a 10% bump earlier this week.
Bitcoin, on the other hand, saw very little movement this week, holding steady between $10,000 and $11,000 and reaching its lowest level of volatility since May.
Plus: why has litecoin fallen 50% since June?
CAN BLOCKCHAIN SAVE THE JOBS ACT?
David Weild, the father of the Jumpstart Our Business Startups (JOBS) Act, isn’t happy with the legislation he helped inspire. After the act was signed into law in 2012 only a handful of companies took advantage of it. Weild is now calling for a JOBS Act 2.0 that would be built using blockchain, a shared distributed ledger. He already has a $130 million cryptocurrency IPO in the works and 14 more companies waiting in the wings.
UP, UP AND AWAY
The United States Air Force announced that it is partnering with Constellation Network, a San Francisco-based technology and blockchain company, which will help manage Air Force data.
At this year’s Forbes Under 30 Summit in Detroit (October 27–30), competitors BMW, Ford, GM and Renault will share the stage to talk about how blockchain can help Motor City reimagine itself. Don’t miss it! Get 30% off General Admission tickets here.
Everyone’s Worst Fears About EOS Are Proving True [CoinDesk]
North Korea Has Reportedly Caught the Blockchain Fever [Gizmodo]
Ripple Asks to Toss Lawsuit Over Crypto Securities [Fortune]