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Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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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.