SEC Delays Decision for Bitcoin ETF Approval Until September

09 Agosto, 2018, 13:22 | Author: Arnold Perez
  • SEC Hester Peirce Bitcoin ETF

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, 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.

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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. Ripple slumped as much as 12 percent, while Ether and Litecoin sank at least 5 percent. All but one of the 100 biggest virtual currencies tracked by Coinmarketcap.com slumped over the past 24 hours. The bitcoin ETF, which was first submitted for review by financial firm VanEck and cryptocurrency firm SolidX in June, would allow investors to buy into the cryptocurrency market without purchasing bitcoins on an exchange. The SEC announced that it would postpone the initial deadline next week on whether to allow the listing of a fund from VanEck Associates and Solid Partners. 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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