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Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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NEWSLETTERS & ALERTS
Wall Street News
Maybe Now You'll Understand Why the SEC Said ‘No’ to Bitcoin ETFs
In March, the SEC denied applications seeking permission to list Bitcoin ETFs. The Bats BZX Exchange wanted to list the Winklevoss Bitcoin Trust (3/10/17), and the NYSE Arca Exchange wanted to list the SolidX Bitcoin ETF.
There should have been little doubt that both those applications would be denied - because the bitcoin, the underlying financial instrument for each fund - is simply too volatile for the typical investor.
- Over the past 3 months, the bitcoin has traded as low as $891.51 (on March 25) and as high as $3,025.47 (on June 11) – that’s a $2,133.96, or 240%, differential. And, for the record, these prices were leverage-enhanced.
- Just 4 days after hitting its record price of $3,025.47 on 6/11, the price of a bitcoin traded as low as $2,185.96 on 6/15 - that’s a $839.51, or 28%, differential.
- Meanwhile, the global market value of digital currencies fell from a record of $117.21 billion on Monday to below $100 billion Thursday, according to CoinMarketCap.