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Bitcoin was traded Friday in New York after the Securities and Exchange Commission voted 3 to 1 against the proposal for a bitcoin exchange-traded fund.
The news came with a wave of optimism among investors. bitcoin is up nearly 40% this month. However, the decision offered a glimmer of hope with the dissent of Commissioner Hester M. Peirce, arguing that the decision sends a signal that "innovation is unwelcome in our markets."
Read: Winklevoss bitcoin ETF rejected by the SEC
after trading at an intraday low of $ 7,798.70, bitcoin
BTCUSD, + 0.29%
has recovered $ 8,000, for the last time to $ 8,105.23, down 0.4% since Thursday at 17 hours.
Reaction to SEC Decision
In light of SEC decision, Cboe Global Markets chairman, who allegedly listed the ETF, would have said the company would continue to work with the SEC regulators, but believes that US investors are better served with registered products. "We are looking forward to the Commission's opinion and Peirce's dissent with interest," writes Chris Concannon, President and COO of Cboe.
"We take very seriously the concerns about the security and stability of markets and products. Investor protection should be at the heart of any approval process. In this spirit, and given that US investors have clear access to these non-registered financial products, we also believe that investors are better served by products traded on a regulated market and protected by strong securities laws. The rejection by the SEC of the latest proposal of ETF bitcoin Winklevoss offers a great advantage
Another false break?
With Bitcoin failing to break through its 200-day moving average, a tightly observed pulse indicator, one analyst correctly predicted the $ 10,000 loss of Bitcoin in May is cautious the recent move was yet another false break .
"Every major sale is littered with sudden rebounds.The problem is that each of these rebounds is lower than the one before," wrote Jani Ziedins, of Cracked Markets in a blog post. we have seen strong rebounds at $ 17,000, $ 13,000, $ 12,000, $ 10,000 and now $ 8,000.Is it going to be different from these? I am skeptical. "[19659006] Futures contracts and altcoins struggle
Unsurprisingly, futures contracts and altcoins, alternative coins to bitcoin, began Friday on the back foot
XBTQ8, -1.33%
is down 3.6% to $ 7,960 and the CME Group Inc
CME, + 0.11%
July Contract
BTCN8, -5.20%
which expires later on Friday, lost 5.2% to $ 7,845, while the most active August contract
BTCQ8, -1.45%
was down 1.6% to $ 8,120.
In altcoins, Ether
ETHUSD, -1.31%
is down 1.9% to $ 463.47, Bitcoin Cash
BCHUSD, -0.64%
lost 2.3%, trading at $ 803.80, Litecoin
LTCUSD, -1.72%
lost 3% to $ 83.30 and Ripple's XRP coin
XRPUSD, -0.69%
was down 0.9% to 45 cents.
Read: The rise of Bitcoin can bring back bubble calls – but this table puts everything in perspective
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