In today’s edition of Crypto Daily News, we’ll cover the crypto market taking a hit after an SEC ruling, and the CEM announcing that altcoin futures aren’t going to be released anytime soon.
Crypto Daily News: July 27th, 2018
Crypto Market in the Red
Yesterday, CNBC reported big news that caused the entire crypto market to take a sharp fall. The Securities and Exchange Commission (SEC) rejected the second attempt to list the first-ever Bitcoin ETF by the crypto-famous Olympians, Cameron and Tyler Winklevoss.
The famous twins own the popular cryptocurrency exchange Gemini, and last year they put in an application for the ‘Winklevoss Bitcoin Trust’ that was ultimately denied.
“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money,” Cameron Winklevoss told CNBC.
Immediately after the news broke, the entire crypto market lost nearly $15 billion. Bitcoin (BTC) held a strong 16-day bull run but has since corrected and is now trading just above $8,000. Mostly all of the top 100 cryptocurrencies are in the red.
CME Altcoins On Hold
The Chicago Mercantile Exchange (CME), the exchange that first launched Bitcoin (BTC) futures, just announced that it will not introduce altcoin futures any time soon. Yesterday, CME’s CEO Terry Duffy had an official interview with Bloomberg TV and made the announcement.
CME is the world’s largest exchange operators, and the company’s CEO states it has not seen huge flows of interest in Bitcoin futures. Duffy wants to be sure that his company is doing things the correct way.
“I will not just put products up there to see where they’re going to go,” Duffy told Bloomberg. “I will take a wait and see approach with Bitcoin for now.”
It remains unknown when the group will start exploring altcoins, like Ethereum and Litecoin, more seriously.
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