Crypto prices rally after SEC announces review of ETF rejections
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).
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.
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