Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Globe and Mail | Aug 8, 2018
The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin.
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. 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. (Shares of the payments processor are trading near a record high.)
The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. 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 was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg composite pricing. Ripple slumped 10 percent while Ether and Litecoin sank at least 4.7 percent. All but two of the 100 biggest virtual currencies tracked by Coinmarketcap.com slumped over the past 24 hours.
The regulator denied an exchange’s request to list a similar fund run by Tyler and Cameron Winklevoss late last month. 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. The SEC received more than 1,300 comments on the proposed rule change as of Aug. 6, it said.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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