Winklevoss Twins push forward despite ETF rejection, Square Cash BTC update, Alts tumble in light of BTC testing the $6,000 mark.
Winklevoss Twins push onward after SEC rejection
The twins faced a tough reality when the SEC rejected their second proposed ETF in late July. This is not the sort of news that keeps the Winklevoss brothers down, as they know Wallstreet is slow to adopt crypto, as they say to Bloomberg in an interview.
“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market. This will change over time, but it will take time.”
Instead of waving the white flag, the brothers are doubling down and bringing on heavy hitters to their Gemini exchange, as well as expanding rapidly, despite decreased trading volume and crypto holdings down significantly.
Square Cash users can buy BTC in all 50 states
Yesterday on twitter, Square Cash announced that officially users will be able to purchase BTC in any of the 50 states in this statement.
“Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states.”
The Cash App continues to bring ease of use and accessibility to crypto, many new, less tech friendly users are getting their hands on bitcoin. This influx of users on the Cash App lead to the company seeing over 100% increase in crypto profits in Q2 2018. This push for adoption and access to crypto comes in a downturned market, but is showing that crypto payment implementation can be profitable even in a bearish market, making future adoption by large players such as Amazon a not so distant future.
ETH tests $250 as BTC treads water
Alts flush nearly 20% last night as BTC continues to test the $6,000 mark and crawls toward 55% market dominance. ETH plunges toward $250, hitting new lows nearing since December 2017. Much of this market FUD stems from the deflated hype surrounding the SEC’s ETF approval and the 45 day delay presented last week. Many investors are facing the reality of situation and realizing that the ETF may not even be decided upon in 2018. On the other side of the scale are the seasoned investors who disapprove of centralized SEC intervention and will hold their crypto through any market, be it bearish or bullish.