Hong Kong — Cryptocurrencies continued their slide with a renewed bout of losses on Friday after the US Securities and Exchange Commission (SEC) dashed hopes that a Bitcoin exchange-traded fund would appear before the end of 2018.

Bitcoin, the largest cryptocurrency, slumped as much as 8.2%, taking it down past $3,400 to the lowest level since September 2017, according to consolidated pricing compiled by Bloomberg. The wider Bloomberg Galaxy Crypto Index sank 8.4% as rival tokens including Ether, Litecoin and XRP also retreated. The SEC plans to decide by February 27 whether to approve a proposed ETF from financial-technology company SolidX Partners and asset manager Van Eck Associates Corporation, the agency said on December 6. The proposal was set to get a decision from the SEC in December after previous delays and the new timeline is a fresh blow to an industry that’s seen prices fall throughout 2018. A key impediment has been a lack of mainstream institutional adoption, al...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now