Further cryptocurrency price falls, as SEC decision delay sparks heavy losses

Bitcoin BTC Price ETF

The price of bitcoin and other cryptocurrencies fell 10% yesterday (August 8), following a decision by the US Securities and Exchange Commission (SEC) to delay a major ruling that, if successful, could see token prices rocket.

The proposed rule change from CBOE would, if approved, constitute a critical point on a path to listing a bitcoin ETF, in conjunction with money management firm VanEck and crypto startup SolidX.

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.

Although the ETF decision is exclusively in regards to Bitcoin, many alt coins are showing worse losses than the world's largest cryptocurrency by market cap. The agency can determine fate of the proposals 240 days after the publication.

A commissioner of the U.S. Securities and Exchange Commission (SEC) has voiced her opinion that the agency overstepped its bounds to reject a bitcoin ETF recently based on the underlying asset, bitcoin.

Michael Ball gives verdict on Everton’s summer transfer business
Michael Ball has taken to social networking site Twitter to give his reaction to Everton's activity in the summer transfer window. While Brands landed Everton's main targets the club were less successful in reducing an already over-sized squad.

Dez Bryant tweets he will visit Cleveland Browns
The wide receiver was released by the Cowboys in April after catching 69 passes for 838 yards and six touchdowns in 2017. As for Bryant , the veteran emerged after Dorsey's comments to tweet: "I'm going to play. just whenever I get ready".

Firefighters battle a rare 'firenado' at plastics factory in the UK
A blaze turned into a tornado-like whirl as firefighters worked to extinguish a fire at a plastics factory in Derbyshire, England. Now firefighters have released footage of the blaze and the mesmerising firenado, which reached a height of over 50ft.

Issues identified in [the SEC's previous] disapproval order have been resolved.
During its most recent the application, the startup has argued that there have been "significant changes in product, market structure and overall circumstances" since that initial decision. And here's a perspective: the last asset class to get approved for ETF certification was copper, and copper has been on earth for 10,000 years - and it just got approved in 2012 after a very long multi-year process.

Should the SEC give the trading of SolidX Bitcoin shares the nod, it's regarded as a notable step forward in mainstream acceptance of cryptocurrencies, although there's still clearly a lot of road ahead.

Potential manipulative activity would be identified immediately, providing the "necessary deterrent to manipulation" described in the March 2017 disapproval notice.
In December Bitcoin's price nearly hit the 20,000 dollar mark. The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin".

Images courtesy of Shutterstock, Solidx, Van Eck, and the SEC. Check our tools section.

Related News:



Most liked

When to watch the Perseid meteor shower in Manitoba this weekend
Unfortunately, there's always the chance that bad weather like fog or rain will create unfavorable viewing conditions. Perseids meteor shower 2018: What is it? The Perseids started in July 17 and will continue up to 24th August 2018.

Perseids likely to be the best meteor shower of the year
One of the most photographed meteor showers of the year has been putting on a small show every night since mid-July. Earth passes through the path of Swift-Tuttle's debris from July 17 to August 24, with the peak coming August 11-13.

Drake postpones tour … again. So KC, you have to wait a bit
Paul got kicked to the curb, a turn of events that apparently stems from the fact that the rapper is already in KC rehearsing. The Drake concert, which was scheduled to stop at the Xcel Energy Center this weekend, has been postponed . again.

Arsenal vs Manchester City Preview
With funds few and far between this summer, it might take an exit to free up some capital for Emery to play with today. The same when we are thinking defensively , I want our strikers to be thinking: "We need to protect the goalkeepers".

Patriots to adjust Brady's contract with added incentives
Another restructure was expected to have been agreed upon this offseason for the tight end, but nothing has yet been completed. Brady will receive up to $5 million in performance-based incentives on top of his current deal, according to Schefter.

Grant Gustin responds to body shamers over new suit on 'The Flash'
Gustin explained that comments about his body has followed him his whole life and that it needs to stop. However, he admits to suffering from stress while working which makes gaining weight hard for him.

Bird Scooters Have Landed in Cleveland
Since the interim operating agreement was signed last month, the city authorized Bird's request to add 250 more scooters. The question of who chose to pull the plug triggered a several hours of confusion Wednesday.

Samsung’s New LTE Galaxy Watch Focuses On Fitness
Where the models differ is that the LTE/4G Galaxy Watch has more RAM (1.5GB), compared to the Bluetooth models' 768MB. Samsung is pushing this watch's health features, which go beyond simple activity-tracking (though it does that, too).

Overwatch Summer Games Event Adding New Legendary Skins
As expected the games will bring about a bunch of new skins that players will be able to win via the game's loot boxes. You can look over the notes through the Overwatch website .

Gal Gadot Joins Voice Cast of Ralph Breaks the Internet
Reilly as Ralph , and Sarah Silverman as Vanellope, Ralph Breaks the Internet opens in US theaters on November 21, 2018 . Gadot also posted a short video of her character, Shank, as she encounters Ralph and Vanellope during the movie.

Germany says games with Nazi symbols can get "artistic" exception to ban
Now video games will be given the same treatment as movies: As works of art, they will be exempt from the ban on swastikas. Screen shots taken from Censored Gaming YouTube video.

Kanye West defends his support for Trump: 'Liberals can't bully me'
Is that something you would do, if President Trump asked you to do that? "I'm into designing", said West with a wry smile. The hip-hop star has previously called Trump "my brother" and said they shared the same " dragon energy ".

Danny Ings' Southampton loan to net Reds £20m
Turned down by the club for being too small at the age of 10, the 26-year-old striker is now finally a Saints player after going via AFC Bournemouth , Burnley and Liverpool .

Kurt Zouma to Everton on loan 'almost done' says Marco Silva
Manchester United's eagerness to sign a centre-back this summer has been all too well known. Chelsea defender Kurt Zouma appears to be closing in on a loan switch to Everton .

Grieving orca still carrying her dead calf more than two weeks later
Martin Haulena, examined the orca. "The team obtained a breath sample to help assess infection & and gave antibiotics". Scientists are anxious that Tahlequah's behavior may harm her health, and they are keeping a close eye on her.