Major crypto exchange Bitstamp launched an investigation this week after a large bitcoin (BTC) sell order heavily impacted its order book. Bitstamp reported on the execution of the large bitcoin sell order from BTC to United States dollars, without specifying themselves the details of the transaction. Other crypto media noted that it involved a sell order that led to a liquidation of $250 million long positions on the BitMEX exchange with 5,000 BTC sold at $6,200, which further resulted in price declines on other crypto exchanges. Some crypto commentators suggested that the sell order could be made by mistake, with the order’s owner having meant to sell his/her bitcoin at $8,200 instead of $6,200.
Flexa Launches App Where Shoppers Can Spend Crypto at 15 Major U.S. Retailers
Payments startup Flexa unveiled an app this week that allows consumers to spend cryptocurrencies at major American retailers. The app, called Spedn, is currently set up to work with retailers including Barnes & Noble, Bed Bath & Beyond, GameStop, Lowe’s, Nordstrom, Office Depot and Whole Foods Market, with more stores to be added in the coming months. Stores that aren’t able to accept cryptocurrency will require the crypto to be instantly converted to fiat when an item is purchased. As of now, purchase on Spedn can be made with bitcoin, ether (ETH), bitcoin cash (BCH) as well as the gemini dollar (GUSD) stablecoin.
U.S. SEC Delays Decision on Bitwise Bitcoin ETF, Seeks Public Comment
The U.S. Securities and Exchange Commission (SEC) has again delayed its decision to approve or disapprove cryptocurrency index fund provider Bitwise Asset Management’s bitcoin (BTC) exchange-traded fund (ETF) application. In this week’s filing, the SEC also noted that it requested public comment from interested parties, asking for “written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.” Bitwise had initially filed for an ETF in February, under the condition that the SEC would reach a decision in 45 days, with its application differing from others in that it draws prices from a variety of cryptocurrency exchanges, with the aim of better representing the market.
Bakkt to Roll Out First Bitcoin Futures Testing in July 2019
Institutional crypto exchange Bakkt plans to roll out testing for bitcoin futures trading in early July 2019, according to its CEO, Kelly Loeffler. Loeffler noted in a Medium post this week that Bakkt is working with both the Intercontinental Exchange (ICE) Futures U.S. exchange and ICE Clear U.S. clearing house to prepare the first testing of bitcoin futures trading and custody. In the announcement, Bakkt noted that it has been working with the U.S. Commodity Futures Trading Commission in order to be compliant with federal regulations, as well as to meet major requirements in terms of investors protection. Bakkt was first introduced in August 2018, with the stated goal of offering physically backed bitcoin futures.
EBay Denies Rumors It Will Start Accepting Crypto, Despite Advertising at Crypto Event
EBay has denied rumors after Blockchain Week that it is going to start accepting cryptocurrency as a payment method. Rumors have mounted that the online retail giant would be offering crypto as a payment option since ads were shown at crypto conference Consensus stating: “Virtual currency. It’s happening on eBay.” However, it does currently have a section marked Virtual Currency, where people can use traditional monetary forms to purchase crypto from sellers. In response to the rumors, an eBay spokesperson said that “cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy.”
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