Bitcoin ETF ruling delayed, cryptocurrency market plunges

10 Août, 2018, 12:24 | Auteur: Auguste Feret
  • Wall Street Bitcoin ETF

Bitcoin and the broader cryptocurrency market plunged on Wednesday after the U.S. Securities and Exchange Commission delayed a decision on whether to approve a proposed bitcoin exchange-traded fund (ETF). The market capitalization of all cryptocurrencies sank to roughly $223 billion, its lowest level so far this year, CoinDesk reported, citing data from CoinMarketCap. Optimists are counting on the wider adoption of cryptocurrencies to support prices, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation.

Bitcoin fell more than 11% to below $6,300 on the news, well off the all-time high of more than $19,000 it achieved in December 2017.

Bitcoin retreated as much as 7% to $6,393.70 at noon in London, extending its 2018 drop to about 55%, according to Bloomberg composite pricing.

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While investors are busy wallowing about the SEC's reluctance to approve a bitcoin ETF, a move that many believe would help concretize cryptocurrency as a mainstream asset class, Morehead said that they are ignoring an announcement that could prove to be just as important: the world's largest stock exchange operator is launching a crypto-focused subsidiary. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds.

That gave bitcoin users hope that at least the CBOE BZX Exchange application would be listed this month before it was announced some hours ago that the decision on the application would be taking by Sept 30th, 2018. Goldman Sachs Group Inc.is considering a plan to offer custody for crypto funds, people with knowledge of the matter said.

Chamber of Digital Commerce President Perianne Boring on the outlook for bitcoin and regulation of cryptocurrency.

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