Bitcoin fell below $53,000 overnight only four days after hitting its $64,805 all-time high. Some are attributing the soft market to a plummet of the hashing power of top Bitcoin mining pools located in Northwest China, due to a regional blackout to enable safety inspections. Lower hashrates mean less resources are being devoted to process transactions on the blockchain, making the network more resilient to attacks. Also widely followed FXHedge claimed that the “U.S. Treasury was set to charge several financial institutions for money laundering using cryptocurrencies.”
Last week, the Ontario Securities Commission, approved three Ethereum exchange-traded funds (ETFs) that have already or soon will be trading on the Toronto Stock Exchange. CI Global Asset Management, Purpose Investments, and Evolve Fund Group, have received approval to launch Ethereum ETFs.