Top stories in the Crypto Roundup today:

• The SEC Is Taking a Second Look at Bitwise's Rejected Bitcoin ETF Proposal
• LongHash Is Disputing the Theory a Single Whale Helped Bitcoin Rise to $20,000
• Cryptoassets Considered Property by a Major UK Legal Panel

At the time of writing, bitcoin (BTC) is trading at $8,150.3 (-3.92%) with a daily Top Tier volume of $1.28 billion. As for ether (ETH), it is trading at $177.07 (-3.40%) with a daily Top Tier volume of $255.4 mn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,856.31 (-3.55%).

The SEC Is Taking a Second Look at Bitwise's Rejected Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) is taking a second look at the rejected bitcoin exchange-traded fund (ETF) proposal filed by Bitwise Asset Management, according to a notice published in the Federal Register.

Speaking to CoinDesk Matt Hougan, the company’s global head of research, said Bitwise didn’t request the review but welcome the opportunity to continue its dialogue with the SEC. What triggered the SEC’s review isn’t clear.

It’s worth pointing out that the SEC has reviewed other rejected bitcoin ETF proposals in the past, but in the end maintained its decision.

LongHash Is Disputing the Theory a Single Whale Helped Bitcoin Rise to $20,000

Cryptocurrency analytics firm LongHash released a report disputing an academic paper that claimed bitcoin’s price was being manipulated by Tether’s USDT stablecoin, asserting one single entity helped BTC rise to $20,000 in 2017.

LongHash’s report shows it created a metric called the “Tether Purchasing Power” to calculate the effects the stablecoin could have on bitcoin’s price. It showed Tether’s purchasing power in 2017 was highest during the summer months, but dropped towards the end of the year as BTC’s price surged.

In 2018, when the boom turned to bust, the purchasing power went up. LongHash, as such, concluded that “even if Tether were indeed manipulating the market, its ability to do so actually is strongest when the Bitcoin price falls.”

After pointing to other potential flaws in the academic paper, LongHash’s researchers wrote:

 “We find the current evidence that Tether is manipulating Bitcoin prices to be lacking.”

Cryptoassets Considered Property by a Major UK Legal Panel

The Times reports that a major legal panel headed by senior High Court judge, Sir Geoffrey Vos, issued a statement classifying cryptoasset as property in the United Kingdom. The statement said cryptoasset “have all of the indicia of property,” adding that some of the distinctive features some of these have – including the use of distributed ledger technology or decentralization – doesn’t “disqualify them from being property.”

It’s believed the statement will help take “significant steps” to address the uncertainty surrounding digital assets and their legal standing in the country.

State of the Crypto by Top Tier Exchange Volume

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