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Stories of Interest
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
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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.