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Crypto ETPs crash on fresh regulatory concerns
Cryptocurrencies were hammered over the past week following fresh comments from U.S. Securities and Exchange Commission.
By Rony Abboud
0
- Cryptocurrencies
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Cryptocurrencies were hammered over the past week following fresh comments from U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler about Cryptocurrency regulation and the warning made by famed investor Louis Navellier that a looming Federal Reserve tapering could pop the crypto bubble.
The total crypto market cap dropped from $2.63 trillion to $2.2 trillion over the past 7 days with
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the top 5 cryptocurrencies (ex. Stablecoins) Bitcoin (-16.8%), Ethereum (-8.26%), Binance Coin (-9.62%), Solana (-11.34%) and Cardano (-17.76%) leading the plunge.
Speaking with Senate Banking Committee Republican Pat Toomey, Gensler said that bitcoin exchange-traded funds could be ripe for manipulation and fraud. He also said he’s fine with futures-based ETFs because they trade on highly regulated exchanges, but that bitcoin was a different story and didn’t have enough regulatory oversight and surveillance.
On Monday (11:30 AM: GMT +1), Crypto ETPs with exposure to a specific cryptocurrency or a basket of cryptocurrencies were dragged down including the WisdomTree Bitcoin ETC (-13.42%), VanEck Vectors Ethereum ETN (-9.41%) and 21Shares Crypto Basket Index ETP (-15.42%).
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