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Post ETF rejection, Bitcoin price bounces back; Winklevoss brothers to remain persistent

Whenever Bitcoin has set out to breach the market highs from the start of 2017, negative fundamentals surface that stagger the price. It first happened with Chinese authorities looking into Bitcoin exchanges in January, when the market took the first run at the prices. Later when the Bitcoin was stuck sideways between $1000-$1,100, Chinese exchanges stopped withdrawals from the exchange, the prize crashed back to $900 and sprung back up again. Just when the market has consistently traded over $1,100 and was building up organically, the speculation regarding the Winklevoss ETF pushed the prices higher and the speculative volumes pulled out immediately once the ETF was rejected. Let’s dive deep into the dynamics of the ETF rejection and the after effects:

The bets that raged the market:


Market players were betting heavily on the possibility of the approval of the ETF as it would be the first of its kind in USA. With Needham’s report estimating a 25% chance of approval, people were even more interested in the wager. On the off chance that the ETF gets approved, it would attract good investments in the cryptocurrency and push the prices higher. The market was lined up for the chance as we see good amount of investments flowing into the currency and pushing it over the all-time high just before the judgement day.

SEC’s decision and reasons for rejection:


On Friday, March 10th the Securities and Exchange Commission rejected the Bats BZX Exchange’s proposed rule change to list and trade Coin ETF. The SEC explained that the proposed rule change was disapproved because it was not consistent with “Section 6(b)(5) of the Exchange Act. The Act stipulates that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.


This would mean in order to be consistent with the Exchange Act, the Batz BZX exchange should have surveillance sharing agreements with related markets for Bitcoin or its derivatives trading. Additionally the Bitcoin markets have to be regulated consistently for the ETF to qualify.

Winklevoss brothers will keep trying:


After having a rough day on Friday, Bitcoin did bounce back over the weekend by touching $1,243, a solid 18% increase post the ETF rejection. On a positive side, Winklevoss brothers have announced that they wouldn’t stop pursuing the ETF. They are hopeful that the SEC would come around to working with them in bringing the ETF to the market. They feel that the SEC’s oversight and regulation are critical to the health of the marketplace and hope that the commission would accommodate the ETF in a convenient manner. There are operational Bitcoin ETFs in Gibraltar and Europe that have been profitable for the profile of the currency. An ETF on American soil would tip the scales in the favor of mainstream adoption and give the boost the currency requires for healthy sustenance.

Online Casinos empowered by Bitcoin wagers, Reward payments hit as high as 260 BTC

A digital innovation always revolutionizes all the fields related to it and for an innovation like Bitcoin, online casinos and gaming industry is no different. Simple, peer to peer, free of cost transactions – these features were sure to find their place in the online gaming/casino industry in the form of wagers, entry fee and flushing reward payments. This has been the scenario last couple of years with many Bitcoin online casinos popping up and diversifying the kind of experience they offer through varying wagers, games, joining bonuses and rewards. Let’s look into how the online casinos evolved through Bitcoin:

Initial Deposits and Play:


Casinos are investing to trap a sustained customer base by offering a joining bonus to give the participants a firsthand experience of the game. While this has been the trend, most casinos provide instant deposit and play facilities through Bitcoin or other sources of depositing. For instance Bitcoin Video Casino provides instant cashouts once all previous deposits have at least two confirmations. This is  due to the nature of their zero confirmation play model. With instant payouts for bonuses or special attractive jackpots, Bitcoin Video Casino has gained popularity in the recent time.

Top payouts in Bitcoin Video Casino’s history:

Bitcoin Video Casino recently paid out $259.74 BTC jackpot on a 0.1 BTC on a slot machine to an anonymous player. According to the company’s website, this the largest payout of 2017 but marks the only the 19th biggest in the Casino’s history. The top payout ever registered was 765.65 BTC  for a bet of 0.2 BTC in May 2014.Coincidentally all the top 20 payouts registered were all wagered for bets less than 0.2 BTC or below.

How Bitcoin changed bonus payments:


Bitcoin has indeed changed the way online casinos have catered to customers over the years. For most part, people had to go through well set up KYC process in the past. With the kind of anonymity Bitcoin offers, simple registration and transfer of the cryptocurrency to the respective wallets on payouts is all that is required to get the fun rolling. With Bitcoin prices picking up slowly, it has been easier to facilitate mass payouts and arrange for healthy gaming at low entry fee over the past couple of years. How this trajectory would be impacted with regulations is the only thing concerning the casino owners as of now.