Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Crypto Flipsider News – Bitcoin Reclaims $20k, Disney Select Polygon, ETH Securities Debate, SEC Delay ETF, GameStop Outperforms Coinbase

Cryptocurrency Jul 14, 2022 11:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Crypto Flipsider News – Bitcoin Reclaims $20k, Disney Select Polygon, ETH Securities Debate, SEC Delay ETF, GameStop Outperforms Coinbase
 
DIS
-0.01%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GME
-1.99%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
-2.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETH/USD
-3.69%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ADA/USD
-3.91%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XRP/USD
-5.34%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Read in the Digest:

  • Bitcoin Reclaims $20,000 as Altcoins Trade Mixed as Inflation Hits 9.1%
  • MATIC Leads Altcoin Recovery as Disney Selects Polygon for Accelerator Program
  • Vitalik Buterin Counters ‘Ethereum Is a Security’ Debate Ahead of Merge
  • The SEC Postpones Decision on Cathie Wood’s Spot Bitcoin ETF Proposal
  • NFT Sales on GameStop’s Marketplace Top Coinbase (NASDAQ:COIN) in Two Days

Bitcoin Reclaims $20,000 as Altcoins Trade Mixed as Inflation Hits 9.1%

The Bureau of Labor Statistics announced in its June Consumer Price Index (CPI) report that inflation in the U.S. had hit 9.1% – its highest point in 41 years. The announcement drove the price of Bitcoin as low as $18,999.

However, in the following hours, the world’s largest crypto staged a rapid comeback to hit $20,361, its highest trading value in the last three days. Bitcoin now trades around the $20k mark, maintaining marginal gains of 0.21% over the last 24 hours.

The 24 hours price chart of Bitcoin (BTC). Source: CoinMarketCap

Not all altcoins have taken the same route as Bitcoin, leading to a mixed trading session. After falling by more than 6%, Ethereum is now up by 0.81% and trades at $1,082. Binance Coin (BNB), Polygon (MATIC), and Avalanche (AVAX) join ETH in the uptrend.

The 24 hours price chart of Ethereum (ETH). Source: CoinMarketCap

However, the likes of XRP, Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT) are still trading in the red. The mixed trading has seen the global market cap gain 1% in the last 24 hours to sit at $883.1 billion.

Flipsider:

  • The latest CPI report has led analysts to bet that the Fed could hike its interest rate by a record 1% to control the red hot inflation.

Why You Should Care

Bitcoin’s interesting reactions to the surging inflation, rebounding back to $20k amidst fears of another rate hike, further strengthen analysis of a long-term capitulation.

MATIC Leads Altcoin Recovery as Disney Selects Polygon for Accelerator Program

Despite the fake report that claimed the U.S. inflation rate rose 10.2% year-on-year in June, causing U.S. stocks and most to tank, some cryptos defied the odds to move in the opposite direction.

Among the band of altcoins currently staging a comeback, Polygon (MATIC) sits at the forefront, gaining as much as 20% over the last 24 hours. Polygon’s rally saw MATIC move from a low of $0.5291 to an interday high of $0.6516.

The 24 hours price chart of Polygon (MATIC). Source: CoinMarketCap

MATIC’s rally was fueled by a Wednesday announcement that Polygon was selected as one of the 2022 participants for Disney’s accelerator program. Other web 3 firms include Flickplay, Inworld, Obsess, Red 6, and Lockerverse.

The Walt Disney Company (NYSE:DIS) announced that Polygon will join the project that focuses on building immersive experiences through technologies such as augmented reality (AR), artificial intelligence (AI), and non-fungible tokens (NFTs).

Flipsider:

  • On a broader scheme, the popular meme coin, Shiba Inu, has been outperforming Polygon as a solution for businesses.

Why You Should Care

As with the exodus of Terra-based projects, the strong performance of the Polygon has enabled it to lead the way in the development of web 3 technology.

Vitalik Buterin Counters ‘Ethereum Is a Security’ Debate Ahead of Merge

Ethereum co-founder Vitalik Buterin has finally responded to the critics who have continually called the network’s ETH token a security.

Nick Payton, Swan Bitcoin’s marketing associate, reechoing the stance of MicroStrategy’s Chief Executive Michael Saylor, argued that assets secured by PoS consensus mechanisms and undergoes several changes are securities.

With Ethereum migrating to PoS via a network change dubbed the Merge, ETH has now been labeled a security. Defending the ETH, Buterin explained that moving to PoW doesn’t entail voting on protocol parameters, and nodes reject invalid blocks in both PoS and PoW.

Calling the claim that the ETH was a security a “bear-faced lie,” Buterin proceeded to correct some grammatical uses that may have led to confusion. He adds, “When referring to PoS, we say “it is secure,” we don’t say “it is a security.”

Flipsider:

  • Rostin Benham, the chairperson of the Commodity Futures Trading Commission (CFTC), believes that Ethereum can be categorized as a commodity.

Why You Should Care

The classification of Ethereum as a commodity or security will play an important role in how it is regulated by agencies.

The SEC Postpones Decision on Cathie Wood’s Spot Bitcoin ETF Proposal

On July 12, the U.S. Securities and Exchange Commission (SEC) delayed its decision on the approval of a spot Bitcoin ETF proposed by Cathie Wood’s Arc Invest and crypto investment firm 21Shares.

The spot ETF, which would have been the first to launch in the United States, was scheduled to be approved on July 16. However, the new deadline to review the proposal will now be on August 30.

In May, ARK Invest and 21Shares amended their application after the SEC rejected their proposal for an ETF that would invest directly in bitcoin. In the amendment, ARK invest said it would use U.S. Bank as a qualified custodian.

According to the SEC’s official document, the agency needs more time to further review and consider issues raised about the proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange, where the ETF will list.

Flipsider:

  • Last month crypto asset management firm Grayscale sued the SEC for rejecting its application to convert the Grayscale Bitcoin Trust (GBTC) to a spot ETF.

Why You Should Care

The SEC remains reluctant to approve a Bitcoin ETF in the U.S., citing claims that the cryptocurrency market is easily manipulated.

NFT Sales on GameStop’s Marketplace Top Coinbase in Two Days

After months of anticipation, GameStop (NYSE:GME) finally launched its NFT marketplace for non-fungible tokens (NFTs). In the first two days of its much-anticipated launch, GameStop’s NFT marketplace has already outperformed Coinbase’s.

Since launching on Monday, July 11, over 3,167 ETH worth of digital art has been traded on GameStop’s beta Ethereum-based NFT Marketplace. Currently, data tracks only the top 50 NFT collections

According to data from Dune analytics, since MAY 4, When Coinbase opened its marketplace to everyone, only 1,709 ETH has been traded.

On the first day of its launch, over $1.9 million worth of NFTs were traded on the GameStop marketplace, while Coinbase has seen $1.8 million in over two months. In three days, over $3.5 million has been traded on GameStop.

Flipsider:

  • While sales are buzzing on the NFT Marketplace, revenue generation has been below par.
  • Charging a 2.25% fee on NFT sales saw GameStop rake in only $44,500 on its first day.

Why You Should Care

The launch of the GameStop NFT marketplace is part of a bigger scheme aimed at a digital-fueled turnaround.

Continue reading on DailyCoin

Crypto Flipsider News – Bitcoin Reclaims $20k, Disney Select Polygon, ETH Securities Debate, SEC Delay ETF, GameStop Outperforms Coinbase
 

Related Articles

Programming languages prevent mainstream DeFi
Programming languages prevent mainstream DeFi By Cointelegraph - Nov 27, 2022 4

Decentralized finance (DeFi) is growing fast. Total value locked, a measure of money managed by DeFi protocols, has grown from $10 billion to a little more than $40 billion over...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Stephen Smith
Stephen Smith Jul 14, 2022 5:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The two words on every crypto investor’s lips right now are undoubtedly “crypto winter.” Cryptocurrencies have suffered a brutal comedown this year, losing $2 trillion in value since the height of a massive rally in 2021. Bitcoin, the world’s biggest digital coin, is off 70% from a November all-time high of nearly $69,000. https://worldabcnews.com/why-the-2022-crypto-winter-is-unlike-previous-bear-markets/
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email