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Crypto assets head south as government shutdown affects Bitcoin ETF
On Thursday, crypto assets mostly dived in the face of the absence of major news.
Market sentiment worsened due to the fact CBOE Global Markets postponed plans to have a Bitcoin exchange-traded fund listed, referring to the impact of the American government shutdown on request-processing at the American Securities and Exchange Commission.
Eventually, Bitcoin slipped by nearly 0.37% on the Investing.com Index ending up with $3,562.8.
XRP decreased by 0.35% trading at $0.31598. As for Ethereum, this crypto asset inched down by 1.20% reaching $116.42. Besides this, Litecoin broke the major trend, soaring by 0.45% trading at 31.994.
The CBOE’s BZX Equity Exchange cancelled a request to have the Bitcoin ETF listed, which was backed by investment company VanEck as well as financial services firm SolidX. As VanEck representatives explained, after discussions with the SEC, including the Bitcoin-related issues, market manipulation, custody, and prices, they had to stop their initiative.
The project had actually driven expectations that regulatory approval of the Bitcoin ETF would lure more traders to digital currencies.
The given withdrawal turns out to be another setback on the tough way to broad public acceptance for crypto assets. Regulatory bodies around the globe are hesitant to officially approve investment vehicles as they struggle to create frameworks capable of controlling the extremely volatile industry and curbing illegal activity.
Some financial experts are assured that those businesses that apply for initial public offerings are bound to demonstrate great sustainability in running their business models.
South China Morning Post states that while his remarks were meant to have all applications for listings encompassed, they happened to be a response to direct questions of the everlasting process with the crypto miners Canaan Creative, Ebang International Holdings, and Bitmain Technology that all solicited listings in 2018.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.