Crypto prices rally after SEC announces review of ETF rejections

August 24, 2018
Chris Wheal

Prices for bitcoin and its rivals were a little higher on Friday, building on Thursday’s recovery following the announcement by the Securities and Exchange Commission (SEC) that it will review its decision to reject nine exchange-traded funds (ETFs).

 

SEC announces review of its decision to reject nine exchange traded funds

On Wednesday, the SEC rejected applications from three issuers to list and trade nine bitcoin futures-based ETFs, saying the products did not comply with requirements designed to prevent fraudulent and manipulative practices.

Shortly after this decision, the regulator issued a statement saying it intended to review the decisions, but did not specify a deadline for the review.

Social media says . . .

Nevertheless, crypto investors were sceptical and took to social media to vent their frustration.

One Twitter poster called Sojiro said: “This ETF business is making the whole market just an extremely unsafe environment for trading anything.”

Another calling themselves Lord of Crypto, said: “Is this their way of stress testing bitcoin to see how easy it is to manipulate.”

Miguel da Fonseca, also posting on Twitter, said: “I think a review of the rejection is a bullish sign. I’m not so cynical to think anything that happens has manipulation written all over it.”

It appeared, however, that many were taking the SEC’s latest move as a bullish signal and initial losses on Thursday were turned around. That rally continued on Friday with further modest gains.

Price round-up

Here’s a round up of the latest price moves of the top 10 cryptocurrencies by market cap [11am London time]:

  • Bitcoin +1.8% at $6,541
  • Ethereum +1.1% at $274.95
  • Ripple +1.2% at $0.32
  • Bitcoin cash +2.7% at $532.07
  • Eos +3.7% at $4.91
  • Stellar lumens +3.1% at $0.22
  • Litecoin +2.6% at $56.64
  • Tether +0.4% at $1
  • Cardano +3.6% at $0.09
  • Monero +0.4% at $89.07
Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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