SEC postpones decision on Bitcoin ETF listing

Irving Hamilton
August 9, 2018

Still, the skepticism among regulators was apparent in comments this morning from Federal Reserve Bank of Richmond President Thomas Barkin, who said that digital money doesn't yet have "the level of protection that you would hope for in a currency".

Following weeks of build up, the U.S. Securities and Exchange Commission has announced that it will postpone the decision on whether to allow the listing of the Cboe VanEck/SolidX exchange-traded fund (ETF) backed by Bitcoin (BTC) to September 30.

As a result of the sell-off, Bloomberg, citing Coinmarketcap.com, reported the market value of all cryptocurrencies tracked fell to $230 billion, representing the lowest value since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over.

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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. 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.

It must be noted that there are possibilities that the decision could be taking prior to the given that but many bitcoin investors are not happy with the delay in the decision since they would have been happier if the issue is settled this month so that more institutional investors could be attracted to the market.

Bulls were also betting that if the SEC greenlighted the ETF, it would help sustain the rally in cryptocurrencies seen in July. Tom Lee, managing partner at Fundstrat Global Advisors, told CNBC that bitcoin should remain steady at its current levels even if its a far cry from the $19,000 it traded at late previous year.

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