Bitcoin futures trading volume
bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman. From the user's point of view, bitcoin is much like Internet cash. Bitcoin can also be regarded as the most outstanding three style bookkeeping system.
Bitcoin is no stranger to a person who loves to invest. In 2008, bitcoin still appeared in our view at a very low price. But 18 years later, the price of bitcoin began to soar, and soon broke through the 10000 yuan mark. Now, bitcoin has exceeded 100000 yuan each, and bitcoin is not a real capital or material property, but a virtual currency. In the Internet, the value of such a virtual currency has been speculation above 100000 yuan. What is behind such madness
Some people also take advantage of this loophole to buy virtual currency abroad in the way of RMB, and finally cash out through trading, which is also a violation of China's foreign exchange system. Such a practice will undoubtedly lead to fire and even prison. Of course, the price of bitcoin is so high nowadays that most of the people who can afford to buy bitcoin are economic tycoons, and there will be no retail investors taking over< br />On August 22, 2018, the US Securities and Futures Commission (SEC) announced that it had rejected nine applications for bitcoin ETFs from ProShares, direxion and graniteshares. After the news came out, bitcoin quickly fell by more than $200, and other digital currencies also fell significantly
the SEC's main concern is still the market manipulation and fraud of bitcoin. It said that the application of ProShares failed to achieve the goal of "preventing fraud and manipulation ", and the exchange also failed to provide direct evidence to prove that the bitcoin futures market "has a significant scale "
the committee rejected the proposal because, as mentioned earlier, the exchange could not legally prove that the proposal was in line with 6 (b) (5) of the U.S. Securities and Exchange Act, especially the requirement that the national stock exchange should establish rules to avoid fraud and market manipulation
this is the same reason for rejecting other bitcoin ETF applications. At the end of July this year, the securities and Futures Commission of the United States once again rejected the Winklevoss brothers' application for bitcoin ETF after a retrial, and the market's expectation for more digital currency derivatives failed again
at that time, the SEC mentioned that the trading volume of bitcoin futures market was very small ; However, the sharp rise in prices in 2017 was e to market manipulation
although the SEC has repeatedly rejected applications for digital currency ETF procts, other exchanges still submit relevant applications for approval. Bitwise filed an ETF application in July to track a basket of digital currencies, as well as an ETF application from the Vaneck solidx bitcoin trust. The SEC said Van Eck's ETF application would be delayed until September 30
The special feature of Vaneck's ETF application is that it is a rare ETF application based on actual digital currency transaction. A series of applications for bitcoin ETF rejected on Wednesday anchored bitcoin futures