The State of the Market: Following an impressive rally over the last few days, the crypto market has fallen slightly to just under a total capitalization of $300 billion. Likewise, Bitcoin (BTC) and Ethereum (ETH) have shown very little price action, with a respective gain of 0.4% and loss of 1.4%. Many market analysts believe that the recent rally may have been due to increased optimism about the viability of a Bitcoin ETF, however, the relevant regulatory agency — the SEC — announced today that they would deny one of the proposed ETFs.

1) Yesterday, the SEC denied Bitcoin ETFs filed by the Winklevoss Twins for the second time this year. Bitcoin’s stellar bull-run for the past few weeks finally came to an end after the announcement. Immediately following the announcement, Bitcoin dropped to $7,875, but quickly recovered to just over $8,200 and has maintained a stable 24-hour trade volume of around $5 Billion. However, another proposal from a different organization is still in the pipeline, and many believe that approval would mark the next major step toward widespread crypto adoption (read more).

2) Google recently issued a blanket bank on all cryptocurrency mining apps on the Google Play Store. However, Google has indicated that they will continue to allow crypto mining apps that mine from outside of the device itself — such as in cloud-based mining. In particular, the new policy enacts a prohibition on “apps that mine cryptocurrency on devices,” but continued permission for “apps that remotely manage the mining cryptocurrency.” The decision comes on the heels of months of growing tension between the tech giant and the cryptocurrency community, following a decision last April to ban cryptocurrency mining extensions from theChrome Web Store (read more).

3) Following a 3–1 U.S. Securities and Exchange Commission (SEC) decision against the Winklevoss twin’s proposed Bitcoin ETF, SEC Commissioner Hestor Peirce sent out a tweet expressing his dissent on the ruling. The tweet read: “Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent.” In addition, Peirce included a link to a long and eloquent discussion of why he believed the Bitcoin ETF should have been approved: “By precluding approval of cryptocurrency-based ETFs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail. The Commission, however, is not well positioned to assess the likelihood of either outcome” (read more).

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