XBTF’s sluggish start and Binance’s success, Ripple’s courage and BitConnect’s point

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Debuted on the US market on Tuesday Bitcoin futures ETF from an American company VanEck under the ticker XBTF. Formerly the Securities and Exchange Commission (SEC) rejected this issuer’s application to launch a spot BTC-ETF of the fund

The results of the first day of trading were not discouraged (many experts predicted such an outcome), but disappointed: XBTF lost its performance to its “colleague” from ProShares.

But once again, users were pleased with the Binance Smart Chain blockchain: this network has been showing explosive growth since the beginning of 2021. Apparently, it’s not for nothing that they call her the “killer” of Ethereum.

And the global cryptocurrency community was surprised by the company Ripple, which came forward with an initiative to cut off the wings of the SEC, introduce crypto regulation in the United States and protect investors.

Lumpy second pancake?

The release of the ProShares futures ETF under the ticker BITO on the New York Stock Exchange was the event that caused the price of bitcoin to skyrocket. But the launch of a similar crypto fund from VanEck did not bring the results that observers and the issuer expected. This product has been available on the CME Chicago Board of Trade on November 16.

At the close of the session, XBTF attracted only $ 9.5 million, and the trading volume amounted to only $ 4.6 million. Recall that on the day of the start of BITO, the amount of transactions reached $ 1 billion. Now this product from ProShares is included in 2% of the largest ETF-funds in terms of volume bidding. Tommy Horan, a spokesman for the Australian exchange Swyftx, aptly called the XBTF launch “very restrained.”

However, the management of VanEck has no doubts about the success of its brainchild and assures that capital will flow to this crypto fund continuously over the next two quarters. Bloomberg analyst Erik Balchunas is also optimistic, but admits that VanEck’s product looks dull amid the impressive success of fellow pioneers.

Recall that even before the XBTF – October 22 – an ETF on bitcoin futures from the Valkyrie company was released on the Nasdaq stock exchange. The trading volume of the first day was $ 78 million.

Ripple cries out for justice

The Ripple team – the developer of XRP – realizing that there is nothing to lose, came up with an initiative to accelerate the implementation of crypto regulation in the United States in order to protect the rights of investors. The corresponding proposal is published on the official website of the company.

According to Ripple’s management, the government should encourage the development of innovation and ensure a sound dialogue between regulators and the crypto business. The regulatory framework will help ensure effective market control and transparency. In addition, the developer of the XRP token proposes to significantly curtail the powers of the US Securities and Exchange Commission, since the SEC is clearly not ready to listen to the opinion of the cryptocurrency community.

One of the authors of the decisive statement is the CEO of Ripple Brad Garlingaus. According to him, too many problems have accumulated in the industry, and only new legislation will help to solve them.

Point in the BitConnect case

The US Department of Justice is preparing to pay compensation to the victims of the BitConnect fraudulent scheme – by selling the confiscated cryptocurrency, estimated at $ 56 million. The statement of the department notes: the Department of Justice sells digital assets at auction, and then the victims will receive money. The American government stores virtual coins in a special crypto wallet.

The amount of compensation to each will be determined by the court. The Justice Department recalled that BitConnect is the largest cryptocurrency scam in US history.

The department did not specify which cryptocurrency will be put up for sale. But many analysts fear that the massive injection of so many coins into the market will exacerbate volatility and negatively affect the price of ether and bitcoin.

Recall that the creators of BtConnect organized the placement of tokens – in fact, they sold unregistered securities to investors. Funds have been attracted since 2017, including in bitcoin. In total, the attackers received almost $ 2 billion.

Glenn Arkaro was responsible for the implementation of the scheme. He has already pleaded guilty, and in September the court ordered him to pay the victims of the pyramid $ 24 million. Accusations were also brought against Satish Kumbhani, but this person is still wanted. It is he who is considered the main organizer of the BitConnet scam.

Binance Chain is growing by leaps and bounds

According to the BSCScan service, on November 16, the daily number of transactions on the Binance Chain network exceeded 14.7 million – a new record in the history of the blockchain was set. Although many observers doubt the realism of the data and associate the surge in transaction activity with the behavior of bots.

However, the real growth of Binance Chain this fall looks impressive too. The day before, 276 446 new addresses were registered in the network. The previous daily record was recorded on July 29 (111,244 wallets). Note that now per day, Ethereum processes on average 1.3 million transactions, and the Bitcoin network – just over 301,000.

As noted by the representative of the Binance Chain development team Kami Karim, network activity has been increasing for two weeks. As a reminder, Binance Chain has been operating since August last year. This platform – like the rest of the networks – was built to run smart contracts and deploy decentralized applications that are compatible with Ethereum.

Sources: CoinTelegraph, BSCScan, DeCrypt, Twitter, Ripple

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