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Bitcoin Scores Weekly Gain Despite Second SEC Rejection for Bitcoin ETF Proposal

March 31, 2017 at 17:29 by Yahia Barakah

The price of Bitcoin increased on Friday, as the virtual currency headed to a weekly gain despite headwinds from the US Securities and Exchange Commission. The commission rejected the second proposal for a Bitcoin exchange traded fund on Tuesday, after refusing the Winklevoss proposal on March 10.

Enthusiasts for the digital currency widely expected the refusal, which priced the move into the price of Bitcoin. When the commission rejected the first proposal, the market had an intense reaction that saw the Bitcoin price dropping about $100 in a single day.

The Securities and Exchange Commission said that the proposed SolidX Bitcoin Trust raised the same concerns that the exchange traded fund of the Winklevoss brothers raised. Most notably, the commission highlighted that the nature of Bitcoin increase the difficulty of preventing fraudulent and manipulative practices and money laundering.

A third proposal is yet to be reviewed by the Securities and Exchange Commission, namely the Bitcoin Investment Trust from Grayscale Investments LLC. However, given that it is no different in its essence from the first two proposals, a third rejection is almost certain.

BTC/USD traded at 1,074.0 on Bitstamp Exchange as of 17:10 GMT on Friday, from 1,079.0 at 15:55 GMT, the pair’s highest level since March 22. BTC/USD began the day at 1,033.3.

If you have any questions and comments on bitcoin today, use the form below to reply.

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