RESOLVING THE LEDGER
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As of early evening on Aug. 14, Bitcoin (CRYPTO:BTC) fell 0.86% to $62,874.95, Ethereum (CRYPTO:ETH) fell 0.35% to $1,877.90, and Solana (CRYPTO:SOL) fell 1.47% to $75.06. The total crypto market cap fell 0.62% to $2.24 trillion as regulatory delays, fears of an economic slowdown, and pressure on crypto stocks weighed on prices.
Bitcoin slid below $63,000 as major U.S. indexes slipped on falling consumer confidence and weaker-than-expected retail sales. In addition to broader economic fears, the Securities and Exchange Commission (SEC) canceled today's planned meeting on crypto regulation and delayed the release of plans for tokenized stock trading. Shares in Coinbase Global and Robinhood Markets -- platforms that are leading real-world asset tokenization activities -- both fell.
Spot bitcoin ETF flows turned negative this week, with $131 million in outflows yesterday. However, a few days of losses do not mean institutional support has gone away. For example, Morgan Stanley increased its holdings in the iShares Bitcoin Trust ETF from 13.4 million shares to 16.5 million shares in Q2, per a quarterly SEC filing.
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