The largest cryptocurrency reversed gains it had made earlier in the week on Friday, falling 4.3% to around $26,000 as the US Securities and Exchange Commission (SEC) said it would delay decisions related to a spot bitcoin exchange-traded fund (ETF) until October.
The world’s largest asset managers, such as BlackRock, WisdomTree, and VanEck, are among those waiting on the SEC for ETF approval.
The idea behind a spot bitcoin ETF is that it would be traded through a traditional stock exchange, although the bitcoin would be held by a brokerage. It is designed to allow investors to gain exposure to the world’s biggest cryptoasset without having to own the coin themselves.
The SEC has only so far allowed crypto ETFs based on futures, as it says they are safer.
Earlier in the week the crypto asset’s price jumped on news that crypto investment manager Grayscale had taken a step closer to clinching approval for a bitcoin ETF.
The SEC had originally denied its application to convert the Grayscale Bitcoin Trust to an ETF.
Tesla shares were pointing to losses of 0.4% in premarket trading, as it was alleged that the company had secretly funded CEO Elon Musk’s ‘glass house’.
Prosecutors with the US Attorney’s Office in Manhattan sought information about personal benefits paid to Musk, and how much Tesla spent on the project, according to a Wall Street Journal report which cited sources familiar with the matter.
The plans involved a dramatic glass-walled building near Tesla’s gigafactory in Austin, the Journal reported.
Moves also came as the electric vehicle maker announced it has refreshed the look for its Model 3 car.
The car now costs $74,990 for the base Model S and $79,990 for the Model X, according to its US website.
Johnson Matthey (JMAT.L)
British chemicals maker Johnson Matthey was the top gainer in the FTSE 100 on Friday after the investment arm of industrial firm Standard Industries almost doubled its stake in the business to 10%. Standard Industries is now its largest shareholder.
When Standard Latitude Master Fund took a 5.2% stake in the company last year speculation swirled that it could mean a possible takeover further down the line.
Shares were up around 11.2% by 10.50am in London.
Watch: Tesla investigated for reportedly funding Musk’s glass house