Crypto prices in limbo ahead of VanEck ETF ruling
The top 10 cryptocurrencies attempted a rally on Monday, but by mid-morning it was starting to fade and bitcoin slipped back below the $7,000 level.
Cryptocurrency markets were in something of a state of limbo at the beginning of the week, however. Having retreated from a powerful rally in July, crypto enthusiasts were awaiting a decision – due on Friday by the Securities and Exchange Commission (SEC) – on a bitcoin exchange-traded fund (ETF) application from the Chicago Board Options Exchange (CBOE).
Last week, a high-profile application by the Bats Exchange to list an ETF from the Winklevoss twins was turned down by the SEC.
Confidence in positive ruling
Many expect Friday’s decision, however, to allow the CBOE to list the VanEck SolidX Bitcoin ETF. VanEck appeared confident the SEC would come down in its favour.
The company said: “It remains the clear expectation here and that hasn’t changed one bit. It would be a major upset were an approval to be denied. Again, this is about when, not if.”
There was plenty of comment on social media. Andy Hoffman, who operates consultancy firm CryptoGoldCentral.com, said: “All I can say is this. If the bitcoin ETF is approved Friday, say goodbye to the crypto bear market!”
— Andy Hoffman (#HODLBTC) (@Andy_Hoffman_CG) August 5, 2018
Monday’s moves in the crypto asset market were mixed, however. Here’s a round-up of the price moves of the top 10 cryptocurrencies by market capitalisation at mid-morning on Monday [London time]:
- Bitcoin +0.7% at $6,989
- Ethereum +1.1% at $408.64
- Ripple -0.3% at $0.43
- Bitcoin cash +1.8% at $703.77
- Eos +0.6% at $6.99
- Stellar lumens +1.1% at $0.24
- Litecoin +2.7% at $75.10
- Cardano +3% at $0.13
- Iota -1.7% at $0.90
- Tether unchanged at $1