Daily Management Review

As SEC Gives Potential Second Shot To Winklevoss ETF, Bitcoin Marches Towards All-Time High


04/26/2017




As SEC Gives Potential Second Shot To Winklevoss ETF, Bitcoin Marches Towards All-Time High
Based on renewed hope that U.S. regulators could approve a key trading product for the cryptocurrency, bitcoin has risen around 2 percent in the past day, pushing towards its all-time high.
 
According to CoinDesk data, up from $1251.46 a day ago, the price of Bitcoin against the dollar stood at around $1281.17 during mid-morning trade in London.
 
The announcement that the U.S. regulatory body - the Securities and Exchange Commission (SEC), is reviewing its decision to reject a bitcoin exchange-traded fund (ETF) proposed by Cameron and Tyler Winklevoss raised optimism in the market following the announcement.
 
In what could have been the first product of its kind in the U.S. for bitcoin to be listed, the SEC denied an application by the Winklevoss twins to list the ETF last month. Bats BZX exchange, one of the largest U.S. equities market operator, was the proposed destination for the listing of the ETF and this was involved in the proposal.
 
The SEC has now accepted a notice of petition to review the SEC decision that was filed by Bats. The initial decision to reject the ETF by the SEC would now consequently be looked at again and reviewed by the SEC itself.
 
"The Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017," the SEC said in a statement posted on its website.
The doors to the ETF getting a second shot at being approved are at least obtained which could lead to some good news for them, the traders are hoping.
 
"The news of the review has definitely excited speculators, although it's unclear if this will alter the SEC's decision. So the gains in the last 24 hours may be temporary," Thomas Glucksmann, head of marketing at regulated cryptocurrency trading platform Gatecoin, said.
 
Showing the current bullishness around the asset, nearly two-thirds of trades were to buy bitcoin while the rest were to sell in the last 24 hours from the time of publication.
 
Up around 23 percent, bitcoin has been on a steady rise for the past month. It is also closing in on its all-time high of $1,325.81 hit in March. Factors like the Russian government making comments about looking to recognize cryptocurrencies as legal financial instruments in 2018 and Japan beginning to accept bitcoin as legal currency are some of the positives that has driven and supported the price movement.
 
But there have also been some recent problems for bitcoin. Doubts and questions about the future of the underlying technology and how that plays out in the future is now ongoing as a debate among the community. In some bitcoin exchanges struggling to withdraw fiat currency from their accounts, there were also problems this month with customers.
 
(Source:www.cnbc.com) 






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