Crypto prices drop after SEC postpones Bitcoin ETF decision

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Bitcoin is going down again.
Image: Omar Marques/SOPA Images/LightRocket via Getty Image

The prices of Bitcoin, Ethereum and all other major cryptocurrencies are sharply down Wednesday following an announcement by the U.S. Security and Exchange Commission (SEC) that it will postpone the decision on approving what would be the first-ever Bitcoin ETF. 

The SEC, which recently rejected a proposal by Tyler and Cameron Winklevoss to launch a Bitcoin ETF, now has to approve or disprove another similar proposal, issued by the VanEck SolidX Bitcoin Trust. But the regulator has extended the deadline in which it must reach a decision to September 30, 2018. 

A document posted by the SEC Tuesday says it has received more than 1,300 comments on this proposal; the regulator found it “appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.”

In July, the SEC extended the deadline for deciding on Direxion’s Bitcoin ETF proposal to September 21, with similar reasoning. 

These delays aren’t overly negative for Bitcoin; in fact, given that one SEC commissioner dissented from the regulator’s decision to reject the Winklevoss brothers’ proposal for a Bitcoin ETF, the fact that the SEC needs more time to make a decision on another proposal might be a positive sign for Bitcoin proponents. 

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Image: coinmarketcap.com

However, it appears that anything resembling bad news can send the crypto market plummeting these days. Shortly following the announcement, the price of Bitcoin dropped by more than 6% and is currently trading at $6,580. Ethereum, the second largest cryptocurrency by market cap, fared even worse, having dropped by more than 8% at one point. It’s currently trading at $375, its lowest level since April. Ripple, Bitcoin Cash and EOS — the third, fourth and fifth largest coins by market cap — have all dropped more than ten percent in the past 24 hours. 

The market capitalization of the entire cryptocurrency market is also sharply down at the time of writing. At $230 billion, it’s at its lowest point since November 2017. 

Despite short periods of optimism here and there, the prices of Bitcoin, Ethereum and most other major cryptocurrencies have been on the decline since their January highs, when the total crypto market cap was over $800 billion. The launch of a Bitcoin ETF would likely be a big boost for Bitcoin and other coins, as it would open the doors to institutional investors to invest in the crypto market. 

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.

Read more: https://mashable.com/2018/08/08/bitcoin-etf-postponed-bitcoin-ethereum-price/

The SEC rejects the proposal for first Bitcoin ETF again, but there’s a silver lining

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Better luck next time, guys.
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The SEC has rejected a second proposal to list and trade shares of the Winklevoss Bitcoin Trust on the Bats BZX Exchange, which would essentially be the launch of the first Bitcoin ETF. Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange and big proponents of Bitcoin, have already been rejected in March 2017

The SEC dismissed the amended proposal on Thursday with a 3 to 1 vote, disproving BZX’s claim that Bitcoin markets are “uniquely resistant to manipulation,” and questioning whether BZX can do enough to deter fraud and manipulation on the market. 

But this time there’s a but. 

Following the SEC’s decision, which sharply drove the price of Bitcoin down from $8,287 to about $7,900, the SEC published Commissioner Hester Peirce’s dissent from the SEC’s decision. 

“Contrary to the Commission’s determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product (“ETP”),” Peirce wrote. 

She argues, essentially, that this is a case of catch 22: the Bitcoin market has its problems but these problems would be “mitigated by institutionalizing the market”. In other words, allowing the first Bitcoin ETF to launch would improve the Bitcoin market precisely in the way the SEC would want it to. 

“The disapproval order discourages new institutional participants from entering this market. Worse, it suggests that approval for bitcoin ETPs will come only when bitcoin spot and derivatives markets have matured substantially, yet, at the same time, contributes to further delay in their maturation, as potential institutional investors may reasonably conclude that the Commission will continue to repress market forces for the foreseeable future,” Peirce wrote. 

On broader terms, Peirce also believes that “the disapproval order demonstrates a skeptical view of innovation, which may have an adverse effect on investor protection, efficiency, competition, and capital formation well beyond this particular product.”

Peirce’s dissent is interesting, as it shows how the SEC might be swayed to change its decision on cases like this in the future. Cameron and Tyler Winklevoss’ bid was rejected, but there’s another active application for a Bitcoin ETF, coming from the VanEcx SolidX Bitcoin Trust. The SEC did not comment on that application at this time, and it still has until August 16 to do so according to CNBC

Read more: https://mashable.com/2018/07/27/bitcoin-etf-rejected/

BlockFi just gathered up $50 million to lend to bitcoin and ethereum holders who dont want to cash out (yet)

Because cryptocurrency prices are almost comically volatile owing to challenges involved in valuing them, it’s hard to know when or why to sell.

Enter crypto-asset backed loans, around which a small but growing number of startups is beginning to spring up. The idea is to lend money to cryptocurrency holders who don’t want to offload their holdings but also don’t necessarily want so much of their assets tied up in cryptocurrencies.

Among these is Lendingblock, a London-based startup that enables holders of crypto assets to lend them out and accrue interest on their holdings. Other outfits — and we aren’t vouching for these so much as letting you know they exist — include CoinLoan, a 1.5-year-old outfit in Estonia that is itself trying to raise money through an initial coin offering; Nexo, a Switzerland-based platform powered by a Bulgarian consumer finance company called Credissimo; and SALT Lending, a Denver-based outfit that started crypto lending earlier this year, and recently told American Banker that it has already made just shy of $40 million in loans and has had no losses. (AB notes that the company’s founder, Blake Cohen, refers to himself at “The Blockchain Cowboy.”)

Still, it’s already looking like if there is one to watch in this new world, it might be BlockFi, a year-old, 12-person, New York-based non-bank lender that had raised roughly $1.5 million in seed funding earlier this year from ConsenSys Ventures, SoFi and Kenetic Capital, and just today quietly announced a massive infusion of capital — $52.5 million — led by Galaxy Digital Ventures, the digital currency and blockchain tech firm founded by famed investor Mike Novogratz.

Most of the capital — $50 million — will be used to loan to BlockFi’s customers. The rest — $2.5 million — is an equity investment in the company from Galaxy and earlier backers, including ConsenSys.

Founder Zac Prince comes from a background of consumer lending, having worked recently as a senior vice president with the company Cognical (now operating as Zibby). He’d also logged time as a vice president at the broker dealer Orchard Platform (since acquired by the lending company Kabbage).

As he told us of BlockFi’s origins earlier today, Prince started personally investing in crypto in early 2016 and also started attending related events. It was there that he “watched the crowd shift from purely computer scientists and anarchists to [also] VCs and bankers.”

As it happens, he was in the process of getting a loan for an investment property around the same time. instead of using a traditional bank, he decided to list his crypto holdings to see what would happen, and the response was overwhelming. It was, he says, a “lightbulb moment. I realized that there was no debt or credit outside of [person-to-person] margin lending on a few exchanges and I had the feeling that this was a big opportunity that I was well-suited to go after.”

Clearly, Novogratz agrees. So does former Bank of America managing director Rene van Kesteren, who ran a seven-person equity-structured financing business before joining BlockFi in May as its chief risk officer.

Currently, BlockFi allows investors to take out a loan as high as $10 million using either bitcoin or ethereum as collateral.

Prince wouldn’t say how much money the company has lent to its retail, corporate and institutional clients. He did offer that the number is “seven figures,” adding half-kiddingly that it “may be eight” figures by later today.

Read more: https://techcrunch.com/2018/07/24/blockfi-just-gathered-up-50-million-to-lend-to-bitcoin-and-ethereum-holders-who-dont-want-to-cash-out-yet/

Russian hackers used bitcoin to fund election interference, so prepare for FUD

The indictment filed today against 12 Russians accused of, among other things, hacking the DNC and undermining Hillary Clinton’s campaign also notes that the alleged hackers paid for their nefarious deeds with bitcoin and other cryptocurrencies. This unsavory application of one of tech’s current darlings will almost certainly be wielded against it by opportunists of all stripes.

It is perhaps the most popular and realistic argument against cryptocurrency that it enables anonymous transactions globally and at scale, no exception made for Russian intelligence or ISIS. So the news that a prominent and controversial technology was used to fund state-sponsored cyber attacks will not be passed over by its critics.

Department of Justice indicts 12 Russian intelligence officers for Clinton email hacks

You can expect bluster on cable news and some sharp words from lawmakers, who will also probably issue some kind of public denouncement of cryptocurrencies and call for more stringent regulation. It’s only natural: their constituencies will hear that Russians are using bitcoin to hack the election systems and take it at face value. They have to say something.

But this knee-jerk criticism is misguided and hypocritical for several reasons.

First is that it’s not as anonymous and mysterious as critics make out. The details in the indictment actually provide an interesting example (far from the first) of the limits of cryptocurrency’s ability to obscure its users’ activities.

The painstaking research of the special investigator’s team revealed the approximate amounts and methods involved, and although there is a veneer of anonymity in that addresses are not inherently tied to identities, it is far from impossible to establish ownership. Not that they didn’t try, as the indictment shows:

The Defendants conspired to launder the equivalent of more than $95,000 through a web of transactions structured to capitalize on the perceived anonymity of cryptocurrencies such as bitcoin.

They also enlisted the assistance of one or more third-party exchangers who facilitated layers transactions through digital currency exchange platforms providing heightened anonymity.

But the process of laundering, after all, becomes rather difficult when there is an immutable, peer-maintained record of every penny being pushed around. Small slip-ups in the team’s operational security allowed investigators to tie, for example, an email address used to access a given bitcoin wallet with the one used to pay for a VPN.

[U]sing funds in a bitcoin address, the Conspirators purchased a VPN account, which they later used to log into the @Guccifer_2 Twitter account. The remaining funds from that bitcoin address were then used […] to lease a Malaysian server that hosted the dcleaks.com website.

It’s likely that the very same distributed ledger technology that allows for anonymous international payments in the first place also creates an invaluable investigative tool for those savvy enough to take advantage of it. So although bitcoin has its shady side, it’s far from perfect secrecy, especially when exposed to the privileges of a federal investigative team.

The second reason the criticism will be hollow is that it doesn’t provide much in the way of new capabilities for those who wish to keep secret their activities online.

There are established methods used by nation-states and garden-variety hackers and criminals alike that minimize or eliminate the possibility of tracking. Money laundering is performed at huge volumes worldwide and there are shady banks, loopholes and puppet organizations peppered across the globe.

Cryptocurrencies are convenient for paying for things online because there are a number of vendors (dwindling, but they exist) that accept it straight, or if one is not available it is reasonably liquid and can be shifted easily. I feel sure that our own intelligence services are making good use of it.

On that note is the third reason this FUD will be risible: If we are going to address the problem of dark money influencing politics, using bitcoin for hacking activities doesn’t even amount to a rounding error and it is cynical prestidigitation that makes it appear more than such.

I won’t belabor the point, because it is surely topmost in many an American’s mind that cash funneled through Super PACs and offshore accounts, backroom deals and stock trades, favors for lobbyists and corporate “donators” and 20 other forms of pay-for-play in Washington are more of a clear and present danger than a handful of Russian operatives ineffectually obscuring peanuts payments for hosting fees and bribes.

Perhaps the administration would prefer scripture: “Why do you see the speck that is in your brother’s eye, but do not notice the log that is in your own eye?”

If anything these indictments are evidence only that cryptocurrency is here to stay, usable by you, or me, or an rival nation-state, or our own — just like any other financial instrument.

Read more: https://techcrunch.com/2018/07/13/russian-hackers-used-bitcoin-to-fund-election-interference-so-prepare-for-fud/

Congressman proposes banning bitcoin at House hearing

Burn the coins!
Image: D-Keine/getty

Look, cryptocurrency is complicated. We get it. What with all the different coins, tokens, ICOs, exchanges, scams, protocols, and DApps, it’s borderline impossible for the casual observer to keep it all straight. 

And so, with that in mind, let us now turn to approximately three combined hours of our elected officials rambling on about the blockchain and our decentralized future.

The fun started early Wednesday, when members of the House Committee on Agriculture held a hearing to discuss the future of the crypto-verse. 

“We should prohibit US persons from buying or mining cryptocurrencies.”

“This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class,” committee chairman Rep. K. Michael Conaway of Texas (R-Texas) explained. “Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology.”

But that wasn’t the only fun to be had today. Later in the afternoon, the House Financial Services Committee met to “examine the extent to which the United States government should consider cryptocurrencies as money and the potential domestic and global uses for cryptocurrencies.”

And what did we learn from this esteemed group? Well, for starters, that bitcoin’s got to go. 

“We should prohibit U.S. persons from buying or mining cryptocurrencies,” Rep. Brad Sherman of (D-Calif.) blasted from the podium. “Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store, as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”

Good ol’ Sherman.

Image: screenshot/house financial services committee 

Did you catch that? Mining uses electricity, and therefore should be banned. 

But not everyone agreed with Sherman. Conaway, in his closing statements, seemed to argue in favor of bitcoin — at least as opposed to more privacy-focused cryptocurrency like Monero or Zcash. 

“As long as the stupid criminals keep using bitcoin, we’ll be great,” he observed when commenting on the pseudonymous nature of bitcoin. 

Hear that, stupid criminals? Stick to bitcoin

Other fun gems include Rep. Collin Peterson (D-Minn.) admitting that “there’s a lot of things here that don’t make much sense to me.” And yet, Peterson actually seemed to have some relevant statistics at hand, like the fact that “over 80 percent of the initial coin offerings are scams.” 

Good on you, Peterson. 

Over all, the two hearings painted a picture of our elected officials attempting to wrap their heads around this brave new cryptoworld. And hey, that’s a good thing. Everyone has to start somewhere. 

After all, we can’t all be self-assured teen crypto millionaires

Read more: https://mashable.com/2018/07/18/congressional-cryptocurrency-hearing-ban-bitcoin/

Bitcoin just passed $7 thousand so BRING ON THE MEMES

$1,000,000 here we come!
Image: PESHKOVA/GETTY

Oh hell yeah. Bitcoin’s back, baby.

After languishing in the depressing realm of the six thousands for what seemed like forever, the price of bitcoin has skyrocketed straight to the moon! 

Well, skyrocketed past $7,000, anyway.

Yes, friends, it’s time to join the hordes of true believers on Twitter and Reddit in celebration. And while you’re at it, you definitely want to ignore the fact that last December, bitcoin briefly hit $19,000, which means that the current price is less than half of that. But you’re not going to let a little thing like context get in the way of your fun, right? 

Right. Let’s start things off with r/Bitcoin, which celebrated the destruction of the so-called “7k wall.” 

TFW you miss these memes.

Image: screenshot/reddit

And there’s definitely nothing remotely ironic about this roller coaster that only goes up. 

Always up.

Image: screenshot/reddit

Also, it isn’t a party without bitcoin choking out Warren Buffett!

Invest in memes.

Image: screenshot/reddit

Twitter also dropped some of the old-time favorites.

Meanwhile, presidential candidate John “I’ll eat my own dick on TV if Bitcoin doesn’t hit $1,000,000 by 2020″ McAfee has been surprisingly quiet about this rally, but we should expect celebratory comments from him any time now. 

Of course, those meddlesome nocoiners are trying to rain all over this cryptocurrency parade. 

But don’t let them yuck your yum! This price spike is totally organic, has nothing to do with fraud, and can only continue going up forever!

So bask in that sweet, sweet $7,000 feeling — it’s not like it could all come crumbling down in the blink of an eye. Again.

Read more: https://mashable.com/2018/07/17/bitcoin-passes-7-thousand/

Bitcoin price passes $7K bringing all 100 top coins up with it

Bitcoin is moving up, and it’s taking 99 of its best friends along for the ride. In the last 24 hours, every one of the top 100 coins by market cap was in the green, with 84 of them posting gains of over 5 percent. At the time of writing, Bitcoin was sitting at $7,310, up 14 percent in the last 7 days and up almost 10 percent in the last 24 hours.

CoinMarketCap Top 100

Bitcoin itself crossed the $7,000 mark for the first time in the last month, an indication — but no sure sign — that it might be shaking off a summer slump that’s seen prices plunge below $6,000 on more than one occasion. Bitcoin is quickly moving back toward early June norms around $7,500, though may meet resistance at $7,750. In March, Bitcoin dipped below the $10,000 mark and it’s been unable to mount a rally back above that level in the months since.

screenshot via CoinMarketCap

They may not last, but mid-July’s gains aren’t just a Bitcoin story. Out of the top 100 coins, 24 coins made double-digit gains in the last 24 hours, including 0x and Zcash, two coins recently tapped by Coinbase as potential assets that the platform is “exploring.” Big Bitcoin jumps normally lead the charge for altcoin growth, though seeing its peers so uniformly follow suit isn’t something you see every time the most prominent coin’s price shoots up.

So why is the price up? Potentially all or none of these reasons:

  • Yesterday, Coinbase shared the news that U.S. regulators will open the door for the exchange to list tokens that are categorizes as securities.
  • Last week, Coinbase announced it was exploring the addition of Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x.
  • At Goldman Sachs, current COO David Solomon will move into the chief executive role. Solomon is regarded as a cryptocurrency-friendly choice for CEO.
  • Asset manager BlackRock created a working group to examine blockchain and cryptocurrencies, though its CEO cautioned that he hasn’t observed “huge demand for cryptocurrencies.”
  • Japan’s LINE is launching a cryptocurrency exchange known as BitBox this month, though the token-to-token exchange won’t serve the U.S. or Japan.
  • The major Japanese financial firm SBI Holdings just opened its doors to traders on a cryptocurrency exchange based in the country.

As with any price shift, headlines in one part of the world are just a single rumble among the many invisible international seismic signals sending coins up or down on a given day. As one reads the tea leaves, it’s worth remembering that correlation ≠ causation when it comes to big price moves. Still, that doesn’t mean you can’t enjoy the tea.

Why is Bitcoin’s price down to two-month lows?

Disclosure: The author holds a very small position in some cryptocurrencies, mostly because it seemed like a fun idea back in 2013 and then she forgot about it. Regrettably, it is not enough for a Lambo.

Read more: https://techcrunch.com/2018/07/17/bitcoin-price-july-2018/

SEC comments about a proposed bitcoin ETF are as dumb as youd expect

Lit, dude. Just totally lit.
Image: Jag_cz/getty

Nothing quite captures the excitement of bitcoin like a proposed exchange-traded fund.

I mean, just say it out loud. Bitcoin ETF. It’s sexy, right? And if public comments submitted to the Securities and Exchange Commission in favor of the latest would-be fund are any indication, it’s also goddamn lit. 

But before this party pops off, some background: As Coindesk reported in late June, the SEC is considering allowing the creation of a bitcoin ETF. The fund, the brainchild of investment firm VanEck and blockchain startup SolidX, would allow futures exchange Cboe BZX Exchange, Inc. to list and trade SolidX Bitcoin Shares. 

According to the Cboe filing statement, “the Trust will invest in bitcoin only.” One share will be roughly equivalent to 25 bitcoin, notes CryptoSlate, and only accredited investors will get to play with this particular bag. 

The SEC, which has shut down previous attempts to create bitcoin ETFs, decided to open this proposal up for public comment. And the comments, well, they’re pretty great. 

Take this one, from someone who listed their name as Laosy Guesses.

Pure fire.

Image: Sec/screenshot

Yes, ETFs are so lit, my dude. 

Or how about this comment from Alex Hales, which suggests he’s hoping the SEC’s approval will pump up the price of bitcoin. Pump and dump for the win. 

Pump pump pump.

Image: sec/screenshot

And then there’s this guy, who seems to think that our long, national nightmare is soooo close to being over — assuming the SEC approves bitcoin ETFs. 

Save us, SEC.

Image: sec/screenshot

We shouldn’t overlook the simple and often effective appeal to ego. Our man Rahsaan has that covered. “You’ll be regarded as financial visionaries,” he tells the SEC. “Please,” he begs, “take us under your wing.”

Holding our hands.

Image: sec/screenshot

Yes, spread out those wings, dear SEC — but not for any fans of Bitcoin Cash. This party is for institutional bitcoin investors only. 

Of course, if flattery doesn’t work, there’s always the opposite approach: Let the SEC know you think it’s garbage. 

Quit your messing.

Image: sec/screenshot

Unfortunately for our commenting friends, we don’t yet know whether or not the SEC will approve a bitcoin ETF this time around. But we do know one thing for sure: Whatever the SEC decides, it’s going to be liiiiiiiiiit.

Read more: https://mashable.com/2018/07/10/sec-public-comments-bitcoin-etf/

Someone Found a Use for Bitcoin. Russian Hackers!

Bitcoin is a pain to spend. It is energy-guzzling, perilously slow and, with the prospect of dazzling returns (at least until recently), perhaps best to HODL ‘til you retire. But Bitcoin can count at least one group of spendthrifts among its users: Russian hackers accused of hacking in the 2016 election.

According to an indictment released Friday by the DOJ, the Russian intelligence officers who orchestrated the 2016 hacks of the Democratic National Committee and Clinton campaign funded their operation using $95,000 worth of Bitcoin and other cryptocurrencies. The hackers allegedly used the funds to purchase the domains, servers, and accounts involved in obtaining and disseminating the stolen materials. Charging “conspiracy to launder money,” the indictment states the arrangement allowed the hackers to “avoid direct relationships with traditional financial institutions, allowing them to evade greater scrutiny of their identities and sources of funds.”

Bitcoin, however, is not necessarily the most obvious choice for those looking to conceal their transactions. While pseudonymous, payments on the Bitcoin blockchain are far from untraceable, a fact that has inspired competing currencies marketed to true privacy hounds, such as Zcash and Monero. Yet it remains the workhorse of hackers for a simple reason: Bitcoin is, compared to competitors, a breeze to spend around the world.

“The payments of goods and services are going to take place in the most liquid and easy to use environment. Right now that’s Bitcoin, and it’s going to be for a long time,” says Jonathan Levin, co-founder and COO of Chainalysis. The company’s software, which traces connections between entities on the Bitcoin blockchain to detect fraud and money laundering, has been used by agencies including the DOJ to conduct cybercrime investigations.

While Levin couldn’t confirm whether Chainalysis software was involved in the current investigation, blockchain analysis typically focuses on intermediaries such as the exchanges that facilitate cryptocurrency purchases. Those exchanges, which are subject to anti-money laundering regulations, can act as a link to forms of real-world identification, like addresses and bank accounts.

The indictment says that the hackers took additional steps to conceal their tracks, purchasing Bitcoin using prepaid cards and via peer-to-peer exchanges, which facilitate direct transactions between individuals, often unsurveilled. According to the indictment, they also mined their own Bitcoin, using those freshly minted funds to purchase the DCLeaks.com domain, which disseminated the stolen materials, as well as the tools used in the spearfishing campaigns.

“This is a good case in point showing that the types of cases cryptocurrency touches has broadened to the full spectrum between local crimes and national security issues,” says Levin. Increasingly, investigators in the US are catching on. On Wednesday, President Trump signed an executive order forming a Task Force on Market Integrity and Consumer Fraud—which focuses on digital currency fraud and money laundering—to coordinate investigations across federal agencies.


More Great WIRED Stories

Read more: https://www.wired.com/story/russian-hackers-bitcoin/

You can now trade Litecoin and Bitcoin Cash on Robinhood Crypto

Fintech startup Robinhood is expanding its cryptocurrency trading product with two new token listings. Users in selected states can now trade Litecoin and Bitcoin Cash from the app.

Robinhood is currently providing one of the easiest ways to get started with cryptocurrencies. You can download the app, upload some money and buy tokens in just a few minutes.

But there are a few caveats. First, Robinhood is only available in the U.S. if you want to trade stocks, ETFs and options. And if you’re interesting Robinhood Crypto more specifically, it is only available in 17 states.

Robinhood also claims that there’s no fee on cryptocurrency trading. Given the liquidity of cryptocurrency exchanges, there’s always some spread. It means that if you buy one bitcoin and if you sell one bitcoin, there will be a tiny gap between those two prices because of the tiny order book. Saying that there’s no fee is misleading.

The startup doesn’t operate an exchange itself. It acts as a broker with other exchanges. That’s why it doesn’t make sense to say that Robinhood is going to kill Coinbase. Robinhood is most likely partnering with Coinbase behind the scene as one of its exchanges for instance. On a user experience level, Robinhood Crypto competes with Coinbase’s main product and Circle Invest.

The company has created a second company that doesn’t comply with the same regulatory framework because it’s not a broker dealer. You can currently trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Unfortunately, Robinhood doesn’t let you manage your wallet addresses. It means that you can’t send or receive tokens from another wallet. You have to convert to fiat currency first. But it’s still a dead simple way to get started on this market.

Read more: https://techcrunch.com/2018/07/12/you-can-now-trade-litecoin-and-bitcoin-cash-on-robinhood-crypto/