Crypto prices fall after CME says it has no plans for altcoin ETFs

July 27, 2018
Chris Wheal

Bitcoin and its rival cryptocurrencies fell on Friday after a string of disappointing news from regulators and exchanges, including the assertion by securities exchange operator CME Group that is would not add further cryptocurrency futures in the near future.

 

Cryptocurrencies fall, but are higher over the last seven trading sessions

CME Group launched bitcoin futures on 17 December 2017, a week after the same product was introduced by the Chicago Board Options Exchange, (CBOE) CME’s larger rival.

Terry Duffy, CME chief executive, told Bloomberg that altcoin futures couldn’t be launched for now because they were “highly volatile and new” and that the exchange would continue to monitor bitcoin futures before launching further cryptocurrency products.

SEC rejects Winklevoss ETF

Crypto markets received further unwelcome news after the Securities and Exchange Commission declined to allow registration for a bitcoin exchange-traded fund to be listed on the Bats Exchange and established by crypto-enthusiast twins Cameron and Tyler Winklevoss.

Thanks to more positive newsflow at the beginning of the week, bitcoin remains more than 7% higher over the past seven trading days. However, the number-one cryptocurrency by market capitalisation is nearly 6% over the last two sessions.

Bitcoin hit a two-month high of $8,484.60 on Wednesday but has failed to pass through heavy resistance at $8,500 on two strong attempts this week.

Price roundup

Here’s a round-up of Friday’s price moves in the top 10 cryptocurrencies by market cap at 10.30am London time:

  • Bitcoin -3.5% at $7,986
  • Ethereum -3.9% at $464.89
  • Ripple -2.8% at $0.45
  • Bitcoin cash -5.6% at $806.55
  • Eos -5.5% at $8.30
  • Stellar lumens -8.3% at $0.31
  • Litecoin -4.2% at $83.71
  • Cardano -6% at $0.16
  • Iota -3.5% at $0.99
  • Tether +0.2% at $1

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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