On Thursday morning, the cryptocurrency market saw a nice influx of buying volume, with Bitcoin quickly recovering by 3% and altcoins following closely behind.
These days the eyes of the crypto world are on the American Securities Exchange Commission (SEC) closely following every single announcement regarding the current pending Exchange Traded Funds (ETFs). She then elaborated that, just like with other underlying assets such as gold or oil, "it's not within our purview to go and look at how those markets are actually working".
Several applications have been lodged for Bitcoin ETFs so far, but still not a single one has been approved - yet.
Optimism for ETFs have been gathering steam and has helped to fuel a bit of a recovery in Bitcoin over the past month so any sort of delays or stumbling blocks will have some form of negative impact on prices.
At time of writing, the total market cap is at $221,803,776,183 (4pm, ET), down about 11 per cent in 24 hours. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin". The SEC explains that the former did not meet the requirements to ensure that their ETF is created to protect investors from fraudulent and manipulative practices.
But bitcoin has recovered from June, when it fell below $6,000. "I think the SEC has been very cautious with an ETF".
In terms of valuation, the firm noted that it does not regard valuation as a "novel issue" for a futures-based bitcoin ETF given that it is already a norm to use futures to develop an investment profile in an asset.
"Secondly, with the delay, this means that the SEC is probably also considering the recent Bakkt news announcement by the Intercontinental Exchange that will provide a regulated exchange and a custody service from a reputable trading firm".
Turkey currency crashes as Trump doubles metals tariffs
The fall of the lira has accelerated dramatically in 2018, but Friday's one-day collapse far eclipsed any previous slide. Trump tweeted that he had authorized the doubling of steel and aluminum tariffs "with respect to Turkey".
James Bond Producers Interested In Idris Elba To Play 007
Officially, Danny Boyle is set to direct the next James Bond which will see Daniel Craig reprise his role as the iconic 007. Elba, 45, was rumored to be the next James Bond in 2014 following the hack into Sony Pictures' emails.