Thousands of Canadian auto industry workers have been furloughed with more temporary layoffs coming as negotiations on a new labor contract between General Motors and the...Autosread more
U.S. officials, including Secretary of State Mike Pompeo, have accused Iran of orchestrating devastating strikes on Saudi oil installations over the weekend.Politicsread more
Rosengren was one of two central bank officials to vote against Wednesday's quarter-point rate reduction, and explained in a speech to the Stern School of Business at New York...Economyread more
The process will involve three 14-day operations involving $30 billion as well as continued overnight operations of at least $75 billion each.The Fedread more
"The president is right to make this the center point of the rising and sustained trade conflict," says Sen. Chris Coons.Politicsread more
Morrison and Trump were expected to discuss a range of issues during a bilateral meeting Friday morning, including the ongoing U.S.-China trade war and the rising tensions in...Politicsread more
Some businesses, mostly small- to mid-sized companies, are providing workers with paid time off to join the Global Climate Strike, while others are shutting down operations...Weather & Natural Disastersread more
FedEx's earnings disappointment and outlook warning earlier this week were a "wake-up call," says the "Mad Money" host.Investingread more
President Trump's criticism of Fed Chairman Jerome Powell has been more public because of Twitter, says economist Alan Blinder.Economyread more
A bipartisan group of senators is urging acting Food and Drug Administration Commissioner Ned Sharpless to immediately pull most e-cigarettes off the market, including market...Health and Scienceread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
It may be a while before the Securities and Exchange Commission approves a bitcoin exchange-traded fund, but cryptocurrency hedge-fund manager Dan Morehead says investors are overreacting to the news of a delay.
"I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years," the Pantera Capital CEO said Wednesday on CNBC's "Fast Money."
"The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed — and that's a unique thing. People get excited about the price and overreact," he said.
Bitcoin fell sharply on Wednesday after the SEC delayed a decision on a proposed bitcoin ETF, which would have been the first of its kind. The move follows the SEC's decision last month to reject a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of their own ETF.
The SEC has also rejected several other attempts to trade bitcoin ETFs, citing concerns about fraud and manipulation of bitcoin.
"The ETF rejection is the same story we've had for five years," Morehead said. "The SEC has been very cautious with an ETF."
Morehead said that instead of panicking over the ETF news, investors should feel optimistic about Bakkt, the Intercontinental Exchange's cryptocurrency project with partners Microsoft and Starbucks that was announced in early August.
"That's huge news," Morehead said. "That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that's what people should be focused on."
As for the tumbling price of bitcoin, Morehead pointed out that the cryptocurrency is still up about 82 percent year over year.
"It's all perspective," he said.
Bitcoin was last down 6.3 percent at $6,288.30, which still makes it about 82 percent higher year on year, according to Coindesk.