SEC Pauses Bitwise ETF Approval

In a surprising move, the Securities and Exchange Commission (SEC) has halted the approval process for the Bitwise exchange-traded fund (ETF). This decision comes as a setback for cryptocurrency proponents who were anticipating the launch of a fund that could simplify investment in a broader range of digital assets.

Key Takeaways:

• Sudden Reversal: The SEC initially signaled approval before abruptly pausing the process.
• Market Impact: This delay impacts expectations for easier access to crypto investments.
• Wider Implications: The decision casts uncertainty on the future of crypto ETFs in the US market.

Market Performance Snapshot

Traditional markets showed mixed performance:

• S&P 500: Down 0.17%
• Dow 30: Down 0.31%
• Nasdaq: Up 0.15%
• Russell 2000: Down 0.15%

Gold experienced a downturn, decreasing by 0.69% to $3,312.50.

Top Movers

Several stocks saw significant gains and losses. Top gainers included:

• SCLX (Scilex Holding Company): +36.09%
• STEM (Stem, Inc.): +22.31%
• NEGG (Newegg Commerce, Inc.): +17.37%

Conversely, top losers included:

• CHPT (ChargePoint Holdings, Inc.): -19.10%
• ALB (Albemarle Corporation): -10.69%
• QS (QuantumScape Corporation): -10.23%

Tesla (TSLA) and NVIDIA (NVDA) were among the most actively traded stocks, experiencing gains of 3.55% and 1.41% respectively.