Amid ongoing speculation regarding a potential resolution between Ripple and the United States Securities and Exchange Commission (SEC),
John Deaton, a prominent advocate for XRP and proponent of its legality, has outlined potential steps that Ripple and the SEC might take if they decide to pursue a settlement.
Deaton emphasized the importance of the ongoing legal battle between Coinbase and the SEC.
He pointed out that if the judge overseeing the Coinbase case grants the exchange’s motion to dismiss, it could establish a precedent indicating that token sales conducted on exchanges might not fall under U.S. securities regulations.
However, Deaton clarified that such a ruling would not necessarily apply to cryptocurrency staking activities.
In his analysis, Deaton stated, “The only plausible scenario for a Ripple-SEC settlement before year-end would be if Judge Failla endorses the Coinbase motion or partially approves it, signifying that token sales executed on an exchange, involving blind bid/ask transactions, may not be subject to U.S. securities regulations.”
Should the motion to dismiss receive approval, the SEC’s ability to pursue an appeal would be substantially limited, making a settlement a pragmatic consideration.
Deaton further explained that even if the SEC were to pursue an appeal in this context, its regulatory authority would likely be diminished.
READ MORE: Ripple Challenges SECโs Appeal Bid, Asserting Insufficient Grounds in Ongoing Lawsuit
In a recent filing on September 1, Ripple indicated that the summary judgment failed to adequately address the legal foundation for an interlocutory appeal.
Ripple’s opposition to the judgment was rooted in its argument that the SEC had deviated from established legal norms, particularly with regard to applying the Howey test to determine whether XRP token sales qualify as securities.
The SEC had originally filed a lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, triggering several exchanges to delist XRP to avoid potential legal liabilities.
However, a favorable ruling by Judge Analisa Torres in July led numerous exchanges to express their intentions to relist the XRP token.
Throughout 2023, the SEC has pursued various cryptocurrency firms over allegations of securities violations, including notable names like Binance and Coinbase.
Notably, on August 29, asset manager Grayscale achieved a legal victory against the SEC through an appeal, compelling a reevaluation of its application for a Bitcoin exchange-traded fund in the spot market.
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New blockchain technologies have brought new earning opportunities. Interest in cryptocurrencies has spread to all corners of the planet, but many do not fully understand how to use them. This article will briefly review the basic principles of making money in the crypto field, using useful facts and vivid examples.
Ways to Make Money in Crypto
The number of cryptocurrencies has long crossed the 10,000 mark. Each platform releases its product and brings its unique features. Despite this, several categories are implemented on almost every top platform.
Crypto Mining
The most popular way to earn is Mining. Itโs the process of creating new Blockchain blocks. Earlier, it used to be possible to get a huge amount of BTC and other currencies. Unfortunately, nowadays, you can’t get away with one pick… High power consumption and expensive equipment that performs complex calculations complicate the process. To enter the Mining market effectively, you need at least 50 units of modern devices with a total value of more than $500,000! Therefore, many crypto enthusiasts are involved in Staking, as this alternative suits beginners and experienced investors.
Crypto Staking
Itโs a currency lock for security in the Blockchain network. The more you hold cryptocurrencies, the more you help the system. Then, you receive various rewards in the form of passive income.
Choosing a reliable platform with excellent conditions for Staking is the main goal. There are some important criteria: the minimum threshold, profit, and the number of currencies. The minimum threshold is the amount of crypto on the balance required to start Staking. Profit is calculated based on APY (annual percentage of net income with compound interest) and APR (annual percentage with fees).
For example, on BetFury โ an ecosystem of crypto products, Staking is implemented with up to 50% APY, and passive income is paid daily. You must have 100 at least BFG (BetFury’s native utility tokens) to receive rewards. You can withdraw funds in BFG tokens and five popular coins (USDT, ETH, BTC, BNB, and TRX). When you choose BFG, your payout increases each time you wager more BetFury tokens. You can trade cryptocurrencies like BFG on popular exchanges and win them by playing on the platform. In addition, BetFury has Fury Wheel โ a free wheel with rewards of up to 1 BTC.
Such a staking system is quite profitable and simple since you can quickly start the path of an investor and withdraw funds at will.
Blockchain Games
In 2017, CryptoKitties was launched. It was the first game related to Blockchain technologies. Many companies around the world picked up this baton. Crypto enthusiasts quickly mastered these entertainments and learned how to earn money by playing! Then, the Metaverses were created, and Blockchain games related to the casino theme appeared. Someone played Poker for cryptocurrency, and someone liked Slots. This industry has gained momentum and has become a great option to make money while enjoying the process.
For example, BetFury, which we discussed above, is also an iGaming platform. It offers over 8,000 Slots and Original games with one of the highest RTPs on the market (up to 99.02% RTP). Regarding the variety of crypto, you can choose BTS, ETH, TPX, USDT, and other top currencies for the game.
Affiliate Program
If you are an influencer and have a wide audience in the social media space, take advantage of the Affiliate Program. It generates income for each attracted user. Although, the conditions of the system also depend on the choice of platform. Affiliates on BetFury receive up to 60% RevShare. It is the case when working together brings excellent benefits to both parties.
In conclusion, earning on cryptocurrency has become much more interesting and easier due to the huge variety of options. The most important thing is choosing the right currency and platform because your profit depends on it. Start your journey right now, invest in crypto smartly, and enjoy making money!
Tokyo, Japan, September 4th, 2023, Chainwire
TOKYO BEAST FZCO, headquartered in Dubai, United Arab Emirates; General Manager: Tomoe Mizutani; (hereinafter “TOKYO BEAST FZCO”) has announced the crypto entertainment project “TOKYO BEAST, gumi Inc.
Headquartered in Shinjuku-ku, Tokyo; Hiroyuki Kawamoto, CEO; (hereinafter “gumi”) as the developer, Turingum K.K., headquartered in Minato-ku, Tokyo; Hiroki Tahara, CEO; (hereinafter “Turingum”) as the technology and financial advisory, using the Polygon protocols as the blockchain network for implementation, to release several modular projects worldwide in 2024.
The announcement was made today, September 4th 2023, at the Korea Blockchain Week conference held in Seoul, Korea.
What is “TOKYO BEAST” all about?
“TOKYO BEAST” is a crypto entertainment project that challenges to create a new entertainment experience by integrating crypto assets.
It is a completely original large-scale project with many experienced staff members who have developed and operated famous Japanese games, and a development budget unparalleled for a web3 game.
The company will provide an innovative and exciting entertainment experience that only “TOKYO BEAST” can provide, evolving Web3 games to a new stage.
ใปPromotion movie๏ผhttps://youtu.be/0-QvJeYJ6ds
Features of TOKYO BEAST
Pursuing pure fun
The team believes that it is important to be able to enjoy the game itself, outside of its web 3 features, so the emphasis was to create an authentic worldview, attractive characters, an enthusiastic battle system, and more.
The quality of the game is comparable to that of today’s leading smartphone games. The gaming experience is easy and seamless as the team eliminated barriers to starting the game, such as the initial NFT purchase and wallet connection, and aims to enable a wide range of participation, including general smartphone game users, and not just those confined to the Web3 world.
A series of characters that are attractive both as game characters and as NFT collections
The characters are designed to be interactive with an active role in the game and at the same time, to be recognized outside of the game as an NFT collection with a sophisticated visual style and high rarity. The project founders aim to create something that will be loved widely beyond borders and languages, just like “TOKYO BEAST”.
A fusion experience of the worldview and the crypto ecosystem
“TOKYO BEAST” emphasizes the importance of synchronizing the experience of immersing oneself in the worldview of the game with the real-world crypto ecosystem. “TOKYO BEAST” will provide an experience that unites each modular project and stakeholder in a single worldview, something that has not been done in existing web3 games.
Creating a new entertainment experience by predicting the winner of battles
Under a legitimate scheme, there will be a win/loss prediction function that can be enjoyed inside and outside the game. Users will be able to enjoy predicting the winner of battles using data. Battles will be streamed live simultaneously around the world, and users will be able to enjoy the excitement and frenzy of the experience by watching the battles with other users around the world.
The world of “TOKYO BEAST” continues to expand
All the module projects to be released in the future will be organically intertwined to deliver an unexplored entertainment experience through the synergy of crypto x content. Moreover, the team aims to continue expanding the world of “TOKYO BEAST” and the utility of $TBZ(*1).
As a first step, the following core module projects will be released sequentially worldwide in 2024. * “BASE”, a function to experience the unique economy of the “TOKYO BEAST” token “$TBZ * “FARM”, a function that allows users to experience NFT owner by cultivating “BEAST,” which will serve as data for NFT(*2).
TRIALS”, a function that allows users to experience being a hero who fights with dreams and romance on his/her shoulders.
During the second phase, a module project to provide new entertainment from various aspects to further expand the world of “TOKYO BEAST” and the utility of $TBZ will be mapped out and executed.
Campaign and Event
Early Entry Campaign
Date: September 4, 2023 – October 31, 2023
To celebrate the release of the information, three “Early Entry Campaigns” will be held, in which users can win a “Mystery Box” containing “TOKYO BEAST” tokens and NFTs by following the official X (former Twitter, hereafter “official X”) account, etc.
โ Follow Me Campaign
The highest rarity “Mystery Box” will be given away by drawing among those who follow the official X account. The earlier users follow us, the higher your chance of winning.
โก Weekly Prediction
If users follow the official X account and participate in the weekly prediction quiz of “TOKYO BEAST” on the official X account, they can receive a high rarity “Mystery Box” by lottery.
โข Strike Jackpot
A jackpot-style campaign will be held during the “Early Entry Campaign”.
Each time a target number of live streaming viewers or Official X followers is reached, a prize will be added to the jackpot, and a drawing will be held on Official X to determine who will win the jackpot. If the jackpot is not opened, the rewards in the pot will be carried over to the next drawing. If the jackpot is opened, the winner will be drawn from the followers of the Official X account and will receive the rewards including those that have been carried over.
*For details on each of the “Early Entry Campaign” campaigns, please refer to the following link: https://medium.com/@TOKYOBEAST/2c7956cb7558
ใปPolygon ร TOKYO BEAST Livestreaming
Polygon and TOKYO BEAST will hold a live streaming event.
Title: Polygon ร TOKYO BEAST Livestreaming
Schedule: 2023/9/8 20:00๏ผEST๏ผ๏ผ 17:00๏ฝ (PST)
URL: https://www.youtube.com/watch?v=rikxEfWuKIM
Speakers๏ผYoriko Beal (Polygon Head of Business Development Japan)
Naoki Motohashi (TOKYO BEAST Producer)
Shuhei Mise (TOKYO BEAST Global Head)
(*1) $TBZ is TOKYO BEAST’s proprietary IP token.
(*2) NFT stands for Non-Fungible Token. Blockchain technology is used as digital data with a certificate of ownership, making it impossible to tamper with or forge.
๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ๏ผ
Service Name:TOKYO BEAST
Company name: TOKYO BEAST FZCO
Location: 001 – 33228 IFZA Business Park, DDP, Dubai, United Arab Emirates
Representative: Tomoe Mizutani
Official site: http://tokyo-beast.com/
Official X (Twitter): https://twitter.com/TOKYOBEAST_EN
Playable: App StoreใGoogle PlayใPC
For inquiries about the press release, please contact TOKYO BEAST FZCO Public Relations๏ผ[email protected]
Contact
BD Manager
Tomoe Mizutani
TOKYO BEAST FZCO
[email protected]
Ripple’s legal representatives, amidst the ongoing legal battle with the United States Securities and Exchange Commission (SEC), have put forth a contention suggesting that the regulatory body lacks the necessary grounds to pursue an appeal.
The legal team for Ripple filed a document on September 1 with the U.S. District Court for the Southern District of New York, asserting that the SEC’s motivation for seeking an appeal predominantly stems from dissatisfaction with a judge’s prior decision.
This decision had ruled that the XRP token did not meet the criteria to be classified as a security in relation to sales directed at retail investors.
Ripple’s lawyers emphasized that the requisites for an “interlocutory appeal,” which demands exceptional circumstances, are conspicuously absent in this particular case.
The legal representatives urged the presiding judge to dismiss any request for an appeal or a stay based on these grounds.
In unity with the Individual Defendants, who are also part of the lawsuit, Ripple vociferously opposed the SEC’s appeal request.
This development follows a sequence of events where the SEC attempted to contest and postpone a July ruling by Judge Analisa Torres.
The July decision concluded that XRP did not primarily qualify as a security as outlined by the SEC’s guidelines.
READ MORE: OKX Cryptocurrency Exchange Expands into India, Focusing on Web3 Potential and Local Talent
The regulatory agency had then asserted that substantial differences of opinion on the relevant laws justified their pursuit of an appeal.
The lawsuit, initially initiated by the SEC against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, led to a wave of delistings of the XRP token from various exchanges.
However, Judge Torres’ subsequent ruling prompted some of these exchanges to consider relisting the token in light of the evolving legal situation.
Brad Garlinghouse expressed disappointment with the need for legal action to rectify what he perceives as the SEC’s flawed understanding of facts and regulations within the U.S. cryptocurrency community.
Throughout 2023, the SEC has been actively pursuing various cryptocurrency entities for alleged securities violations, including prominent platforms like Binance and Coinbase.
In a recent victory for the cryptocurrency industry, asset management firm Grayscale achieved success in court against the SEC.
An appeal prompted the court to mandate a review of Grayscale’s application for a Bitcoin exchange-traded fund (ETF).
As the legal proceedings between the SEC and Ripple continue, Judge Torres has proposed a jury trial slated to commence in the second quarter of 2024.
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Warren Buffett, the celebrated investor and Berkshire Hathaway’s chairman, marked his 93rd birthday on Aug. 30. Over his extensive career, he’s adhered to a value investing strategy akin to the “buy and hold” approach seen with cryptocurrencies.
However, Buffett’s focus lies in assets with robust earnings potential, investing in sectors where he and his team possess in-depth insights into associated risks, competition, and advantages.
The question arises whether such a focused strategy can surpass Bitcoin’s performance in the long term.
Additionally, it’s worth pondering why one of the greatest stock pickers, Buffett, currently holds significant cash and short-term bonds as the second-largest position in his portfolio.
A notable instance of his approach is Berkshire Hathaway’s top holding, Apple (AAPL) shares. Despite acquiring them in 2016 when Apple was valued at over $500 billion, far from being an early investor, Berkshire Hathaway continued adding to its AAPL investment in 2022, despite the stock rallying over 500% since the initial purchase.
This showcases Buffett’s dedication to long-term investment strategies, regardless of recent price fluctuations.
In a February 2012 shareholder letter, Berkshire Hathaway expressed concerns about currency devaluation and the limitations of gold as a store of value.
It argued that gold lacks practical utility, with demand falling short of production for industrial and jewelry purposes.
Gold’s price primarily relies on fear-based sentiment, leading to temporary price spikes. Conversely, investments in productive companies generate substantial returns.
Unfortunately for Buffett, Bitcoin’s price surged by 683% in the year following his skeptical comments on nonproductive commodities’ value storage potential. Over four years, Bitcoin’s gains reached a staggering 9,014%.
READ MORE: Robinhood Acquires Over 55 Million Shares From Former FTX CEO SBF in $606 Million Deal
To compare Berkshire Hathaway’s stock performance with Bitcoin, considering Buffett’s focus on earnings and yield, an analysis simulated Berkshire Hathaway’s stock performance using a factor of three to mimic a leveraged position.
If one invested $1,000 in Bitcoin (spot) and initiated a leveraged long position in Berkshire Hathaway shares in early 2019, they’d have seen a $7,020 return in BTC versus $5,623 in Buffett’s holding company.
Similarly, for investments beginning in 2017, the returns would have been $3,798 in BTC versus $1,998 using the leveraged long strategy in Berkshire Hathaway’s shares.
Buffett’s investment thesis faces a potential loophole: Berkshire Hathaway currently holds a record-high $147 billion in cash equivalents and short-term investments, comprising 18.5% of its market capitalization.
This raises queries about whether it seeks better entry points into stocks or finds the 5.25% returns on fixed-income investments satisfactory.
This scenario underscores that even accomplished investors may hesitate to deploy their cash, prompting questions about whether funds on the sidelines, including $5.6 trillion in money market funds, might seek alternate protection against resurging inflation.
While Bitcoin isn’t a flawless store of value and its volatility is a concern, it’s important to note that it hasn’t yet faced a global economic recession.
Nonetheless, Bitcoin consistently outperforms Berkshire Hathaway shares, implying that investors increasingly see it as a viable alternative store of value.
Considering this, Berkshire Hathaway’s substantial cash position serves as a cautionary note for Bitcoin skeptics.
With Bitcoin’s market capitalization at $500 billion, it signifies untapped potential for it to play a more significant role in finance.
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Former chair of the United States Securities and Exchange Commission (SEC), Jay Clayton, remains optimistic about the eventual approval of spot Bitcoin exchange-traded funds (ETFs), despite recent delays in decision-making.
In a recent interview with CNBC on September 1st, Clayton noted that the backing of major financial institutions in the realm of spot Bitcoin investments signals a notable shift in providing retail investors with access to cryptocurrency exposure.
The SEC’s recent move to extend the review period for various spot BTC ETF applications from prominent entities such as BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity, was observed on August 31st.
This extension grants the commission an additional 45 days, following the notice’s publication in the Federal Register, to either approve, reject, or further delay the ETF applications from these influential firms.
Clayton expressed his belief in the forward momentum of these efforts, indicating that progress can be expected as the process unfolds.
The SEC retains the flexibility to extend the application deadlines until March 2024.
READ MORE: Bitwise Surprises Market by Withdrawing Bitcoin and Ether ETF Application Amid SEC Delays
Clayton emphasized that he envisions an “inevitable” approval for spot Bitcoin ETFs, highlighting the disparity between futures products and cash products, and asserting that this divergence cannot persist indefinitely.
Notably, Clayton’s viewpoint resonates with that of U.S. Court of Appeals Circuit Judge Neomi Rao.
In a recent ruling, Rao and two other judges directed the SEC to reevaluate the application of asset manager Grayscale, seeking to transform its Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
Rao highlighted that the SEC had previously greenlit BTC futures ETFs, implying a similarity between Grayscale’s proposition and the approved futures products.
The sequence of ETF application delays took place in rapid succession on August 31st, just prior to the Labor Day holiday weekend in the United States.
The following key deadline for the assessment of significant spot BTC applications is scheduled for October 7th, at which point the commission is expected to provide updates regarding the proposed offering from fund manager Global X.
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MakerDAO co-founder Rune Christensen has proposed a novel direction for the decentralized finance project’s upcoming native chain, “NewChain.”
Contrary to its longstanding affiliation with the Ethereum Virtual Machine (EVM), Christensen’s proposal suggests building NewChain using a fork of Solana’s codebase.
This initiative forms a pivotal part of the fifth and final phase of the MakerDAO “Endgame” upgrade, an undertaking announced in May.
Spanning approximately three years, this phase is slated to culminate in a comprehensive reimagining of the Maker protocol, effectively transferring it onto a distinct stand-alone blockchain.
In a recent post on X (formerly Twitter) on September 1, Christensen endorsed Solana’s codebase as a prime contender for NewChain’s foundation.
The co-founder listed three crucial reasons justifying this choice in a proposal articulated on the MakerDAO forum.
Primarily, he lauded the technical excellence exhibited by Solana’s codebase, extolling its exceptional optimization geared toward facilitating the operation of an exceedingly efficient blockchain.
Christensen emphasized how the design of Solana’s codebase benefited from hindsight, born after the intricacies and challenges of blockchain technology had been comprehensively grasped.
He noted the alignment of this attribute with NewChain’s objective to rectify the technical debt accrued by Maker.
Furthermore, Christensen emphasized the resilience displayed by the Solana ecosystem, having withstood trials such as the FTX blowup and other adversities without succumbing.
READ MORE: Ronaldinho Denies Involvement in Alleged $61 Million Crypto Pyramid Scheme
He believed that this robustness bodes well for the enduring presence of the Solana ecosystem, fostering a repository of skilled professionals accessible to Maker for collaboration, while also serving as an economically viable avenue for NewChain’s construction and maintenance.
Lastly, Christensen underscored the adaptability of the Solana codebase, citing instances where it had been successfully forked and adapted to function as appchains.
He proposed that MakerDAO could follow a similar path in the development of NewChain.
Christensen engaged with questions on Twitter about his preference for Solana’s codebase over the EVM.
While acknowledging the EVM’s significance for user-oriented development, he clarified that the EVM did not align with the specific backend requirements unique to MakerDAO.
NewChain’s role is to serve as a backend infrastructure for SubDAO tokenomics and governance security.
Conversely, the governance token Maker and the stablecoin Dai will persistently operate on Ethereum’s platform, ensuring seamless continuity.
Rune Christensen’s audacious proposal to build NewChain on the Solana codebase signifies a noteworthy departure from MakerDAO’s historical ties to Ethereum.
As the “Endgame” upgrade evolves, the community eagerly awaits the realization of NewChain and its potential impact on the decentralized finance landscape.
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A substantial acquisition of Ripple’s XRP token has been identified by Whale Alert, a prominent crypto tracking platform.
The platform noted a transfer of 66,666,659 XRP, equating to approximately $33,065,809, from Binance to an undisclosed wallet.
This transfer has ignited discussions about the potential ramifications for its market value.
In recent times, noteworthy transfers of significant XRP amounts have taken place within Ripple’s ecosystem, as sizeable quantities of XRP have been deposited into secure escrow accounts.
Notably, these include 300,000,000 XRP, valued at approximately $146,927,854, and an additional 500,000,000 XRP, with an approximate worth of $244,748,526.
These developments transpire amidst the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).
Ripple’s legal representatives have presented a response to the SEC’s appeal following Judge Analisa Torres’ July verdict that XRP does not qualify as a security during public sales.
READ MORE: US Crypto Industry Sees Hope in Court Rulings Restraining SEC
In their response, Ripple’s legal team contended that the criteria for an interim appeal were not met.
They urged the court to either dismiss the appeal or institute a stay on proceedings.
Recent activity has shown notable increases in the utilization of XRP, as evident in a seven-month peak in on-chain transactions and a three-month high in circulation.
These metrics indicate heightened engagement and activity within the XRP ecosystem, which could potentially lead to an upsurge in demand.
The trajectory toward achieving a $1 valuation for XRP remains uncertain.
Nevertheless, the ongoing developments within the XRP ecosystem continue to exert an influence on the token’s value and spark conjecture among investors.
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Bitwise, the asset management company, has taken a surprising step by retracting its application for the Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF) that was initially submitted to the U.S. Securities and Exchange Commission (SEC) on August 3rd.
Despite the recent optimism in the market due to Grayscale’s victory with the SEC, Bitwise seems to be reconsidering its approach.
The withdrawal of the ETF application was unexpected, with a statement in the filing indicating that the fund’s objective was to provide capital appreciation but with no guaranteed outcome.
Matt Hougan, the Chief Investment Officer of Bitwise, had recently voiced his support for SEC approval of all ETFs in an interview with Bloomberg.
The ETF in question had planned to invest in either Bitcoin futures contracts or Ether futures contracts, based on their respective market capitalizations.
Bitwise had also joined forces with ProShares to launch a similar ETF around the same period.
Bitwise clarified in the withdrawal statement that the Trust no longer intended to pursue the effectiveness of the Fund, and no securities had been or would be sold in relation to the mentioned Post-Effective Amendment to the Trust’s Registration Statement.
The SEC has postponed its decisions on Bitcoin ETF applications from various firms, including WisdomTree, Invesco Galaxy, Valkyrie, VanEck, BlackRock, Bitwise, and Fidelity.
READ MORE: Ronaldinho Denies Involvement in Alleged $61 Million Crypto Pyramid Scheme
As per a filing dated August 31st, the commission has extended the review period for spot Bitcoin ETF applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise, and Valkyrie, along with Fidelity’s Wise Origin Bitcoin Trust and BlackRock’s Bitcoin ETF.
The upcoming SEC deadlines are scheduled for mid-October, but there’s a possibility of further delays to the third batch of deadlines in January or the ultimate decision dates in the subsequent months.
Bitwise had been among the early firms to apply for Bitcoin ETFs with the SEC.
Their initial application in January 2019 aimed to launch a BTC-backed ETF tied to the Bitwise Bitcoin Total Return Index, calculated based on Bitcoin values from exchange transactions.
The proposed ETF was designed to aggregate data from multiple cryptocurrency exchanges, offering a reliable representation of the broader cryptocurrency market.
Additionally, the company intended to have third-party custodians responsible for physically safeguarding the Bitcoin.
This isn’t the first time Bitwise has withdrawn an application.
Earlier this year, the firm submitted an application for an Ethereum Strategy ETF targeting both front-time and back-time Ethereum futures but withdrew it just a week later.
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Bitcoin extended its decline following the Wall Street opening on September 1, as losses from the monthly close persisted.
Cointelegraph Markets Pro and TradingView data tracked the dwindling BTC price performance, which hit its lowest point since August 22.
The downward momentum was fueled by Bitcoin bears capitalizing on the August monthly close, causing significant volatility in both the Bitcoin and cryptocurrency markets throughout the night.
Overall, BTC/USD saw an 11.2% decline in August, leaving little room for optimism about a potential rebound in September, as noted by market experts.
Prominent trader and analyst Rekt Capital shared insights on Bitcoin’s potential future actions in his recent YouTube update.
He highlighted that BTC price was unable to sustain gains attributed to the “Grayscale hype,” with substantial selling pressure and a drop in the weekly relative strength index (RSI) values toward a crucial upward trendline.
Several exponential moving averages (EMAs), previously acting as support, had now switched roles to become resistance.
The long-standing trendline that had held for over a year was at risk, and a breach of the RSI trendline could result in further downward movement, according to Rekt Capital.
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He identified potential price targets for a new decline, ranging on the path toward $23,000, a favored level among traders.
Referring to historical norms and insights from on-chain monitoring resource CoinGlass, he estimated losses of approximately 7% to 13% for September.
In the event of a relief rally, Rekt Capital suggested that the rally might peak at around $27,200, a level that had previously served as a support zone.
However, Bitcoin’s performance was hindered by the U.S. Dollar Index’s (DXY) second consecutive day of robust strength.
The DXY, which stood above 104 at the time of writing, had recovered from recent losses and was expected to continue its upward trajectory that began in mid-July.
The DXY’s strength had previously acted as resistance during a retest in August, following a local high in June.
Market participants were divided over the current influence of the DXY’s strength in suppressing BTC price, as the inverse correlation between the two had been repeatedly challenged over the past year.
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