Bitcoin ETF Approval Has Failed Investors, Says Bloomberg
The US Securities and Exchange Commission (SEC) Chair Gary Gensler has failed investors by approving spot Bitcoin exchange-traded funds (ETFs), according to Bloomberg. The authors argue that the SEC should have focused on reforming the unregulated spot trading markets instead of approving the new ETFs. While Gensler warned investors about the risks associated with Bitcoin and crypto-related products, the approval suggested that the SEC is comfortable with this new asset class. The authors believe that Gensler could have served investors better by implementing investor protections on spot trading platforms.
Reddit Mentions May Help Predict Crypto Price Changes
Crypto traders may be able to predict price changes by monitoring mentions of cryptocurrencies on Reddit. Research conducted by a professor at the University of California, Riverside, and his colleagues found a strong correlation between the level of conversation about a cryptocurrency on Reddit and subsequent price increases or decreases. Traders who based their investments on whether the number of posts rose could have made three times more than their initial investment. However, this trading technique may not be feasible for average investors who cannot track numerous posts across multiple subreddits.
Gate.io and Aquanow Join Hands to Build Global Liquidity for Blockchain Projects
Aquanow and Gate.io have partnered to build global liquidity for the next wave of blockchain projects. This partnership aims to increase access to crypto markets and bridge the gap between traditional and digital currency markets. Gate.io, with its 13 million users, has a strong reputation in the crypto industry. The collaboration will offer users a comprehensive and innovative solution for their crypto needs.
Hot Take: Bitcoin ETF Approval Raises Concerns about Investor Protection
Bloomberg argues that the approval of spot Bitcoin ETFs by the SEC raises concerns about investor protection. While the approval suggests that the SEC is comfortable with this new asset class, the authors believe that more should have been done to reform the unregulated spot trading markets. They suggest that Gensler could have used this opportunity to implement investor protections on spot trading platforms and make approval conditional on platforms meeting the standards of regulated securities exchanges. This would have incentivized trading platforms to adopt necessary reforms. Without these reforms, the authors argue that cryptocurrency markets remain a mess and investors are not adequately protected.
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