Bloomberg Law
July 2, 2019, 2:15 PM

Bitcoin’s Wild June Is a ‘Slam Dunk’ Against Crypto ETF Approval

Olga Kharif
Olga Kharif
Bloomberg News

Crypto enthusiasts weren’t the only ones watching Bitcoin’s meteoric ascent last month.

The likelihood of a Bitcoin exchange-traded fund gaining approval from the U.S. regulator has declined thanks to the cryptocurrency’s wild price swings in June, Jeff Dorman, chief investment officer at Arca, wrote in a July 1 research note.

The Securities and Exchange Commission has already shot down several ETF proposals, including one from the Winklevoss twins, citing concerns over market manipulation in cryptocurrency markets. Bitcoin’s price rose nearly 50% last month through June 26, only to slide about 20%. Those gyrations were fueled by unregulated exchanges ...