Germany Wants To Withdraw Form US-Led Financial System

The biggest economy in Europe, Germany has called for establishing an independent payment system that is independent of the U.S., creation of a European Monetary Fund and building up an independent Swift system.

This was essential in order to strengthen the European autonomy according to Heiko Maas, German Foreign minister serving in the fourth cabinet of Angela Merkel that is said to have been serving since March of this year.

This announcement is said to be the first case in recent years for a major economy to call for a banking system outside the control of the US.

This initiative is said to be its bid to salvage the Iran deal but however it is viewed by some pundits as an EU exit from USD dominance.

If the US government loses dominance over the global banking systems and more countries decides for independent financial network, it is more likely that cryptocurrencies will appeal as the prime alternative choice to replace it.

SEC Reviewing Recent Bitcoin ETFs Denial

In light of the recent announcement of SEC indicating the denial of 9 Bitcoin ETF submitted by three companies namely ProShares, Direxion, and GraniteShares, the SEC has revealed that it will be reviewing the decision made by its staffs.

According to Hester Peirce one of the SEC commissioner, the denial orders would be reviewed in accordance with rule 431 of the Commission’s Rules of Practice.

She reveals that the Chairman and Commissioners occasionally delegate some tasks to its staff and when the staff takes action, it acts on behalf of the commission.

The commission may then review the Staff’s action.

This has given the cryptocurrency community the impression that there is still a chance that some of the Bitcoin ETF might be approved.

The market responded positively with this revelation as the crypto market saw a quick surge with Bitcoin seeing a $150 gain from $6400 to $6500 in just matters of minutes.

Altcoins followed suite as their gains are near-identical to that of Bitcoin.

Bittrex Partners With Rialto Trading

Rialto Trading, an Alternative Trading System (ATS) provider and Bittrex, one of the premiere exchanges in the U.S. is said to be teaming up to bring a trading platform for blockchain-based securities.

At present, Rialto is offering its users a regulated ATS for trading fixed income products and has plans of extending their product offering into the digital securities space and have been in the talks with regulators alongside Bittrex.

Bittrex will bring in the experience of cryptocurrency trading, digital wallets, cybersecurity and blockchain technology while Rialto will bring in their expertise in securities and its license broker-dealer ATS.

The two companies will merge their expertise to create a comprehensive securities platform offering fiat trading for digital securities, trading, placement, issuance advisory and custody services.

Bitcoin SV Fitting Successor Of Bitconnect According To Vitalik Buterin

The founder of Ethereum, Vitalik Buterin has recently tweeted about the current debate in the Bitcoin cash community about a fork proposal of Nchain, the company for which the self proclaimed Satoshi Nakamoto, Craig Wright works as the chief scientist is actively promoting.

Wright claims that Bitcoin Cash (BCH) is moving away from the original intent of Satoshi Nakamoto and thus to correct this is proposing a fork of BCH which he called the Bitcoin SV, Satoshi Version.

Bitcoin SV proposes to restore four Satoshi opcodes that were disabled from Bitcoin Blockchain which is also seen being proposed to be removed in BCH.

Vitalik Buterin on the other hand is having none of it as he calls the new proposed Bitcoin Cash Fork, Bitcoin Craig with ticker symbol BCC which alludes to Bitconnect one of the worse crypto ponzi scheme that ever existed.

Adoption of Dash Increases amidst Hyperinflation

The 14th- ranked cryptocurrency by market capitalization, Dash has been enjoying unprecedented growth in Venezuela as shown by the number of wallet downloads and merchant signups.

This surge is seen as a result to the country’s crippling hyperinflation problem.

The has been reported that global brands like Calvin Klein and Subway have begun accepting Dash payments in Venezuela to the severe devaluation of Bolivar the sovereign currency of the country.

According to some sources the Bolivar is even more volatile than cryptocurrency to the point that time lag between when a credit card transaction is initiated and completed can result in a far more significant loses for merchants in Venezuela.

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