A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November.
I still think it will be quite a long time until an ETF is approved. 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.
"The market overreacted to a slew of applications to the SEC that had no chance of getting a quick acceptance and are now overreacting to the highly expected outcome", said Hany Rashwan, chief executive officer of crypto startup Amun Technologies Ltd. Ripple slumped 10% while Ether and Litecoin sank at least 4.8%. All but two of the 100 biggest virtual currencies tracked by Coinmarketcap.com slumped over the past 24 hours.
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. An initial deadline was due to expire next week. With a total of ten bitcoin-related funds weighed by the SEC officials, the VanEck-SolidX bitcoin ETF is the sole "physical" ETF among all other proposals. Some had argued that VanEck's proposal was more likely to gain approval thanks in part to plans for a high minimum share price that would discourage retail investors. More specifically this involves the CBOE as the decision involves a proposed rule change to allow for said listing.
Chamber of Digital Commerce President Perianne Boring on the outlook for bitcoin and regulation of cryptocurrency.