Bitcoin shrugs off ETF rejection, trades higher

Bitcoin prices are trade aloft Thursday, notwithstanding another blow for a attention in a query for widespread acceptance of a nascent practical banking market.

Late Wednesday, a Securities and Exchange Commission deserted a focus by ProShares for dual apart bitcoin-related exchange-traded funds. In a discussion, a SEC said a focus didn’t prove “in particular, a requirement that a inhabitant bonds exchange’s manners be designed to forestall fake and manipulative acts and practices.”

In all, a SEC denied 9 apart applications Wednesday.

The preference has not deterred investors, apparently, with bitcoin trade in a immature Thursday. A singular bitcoin

BTCUSD, +1.47%

 last altered hands during $6,425.37, adult 1.4% given Wednesday during 5 p.m. Eastern Time on a Kraken crypto exchange.

Read: These might be a 3 biggest hurdles to a bitcoin ETF

Onlookers now wait a SEC’s decisions on proposals from Bitwise Asset Management and a VanEck and SolidX corner proposal. A preference on a latter is due on or before Sept. 30.

The rejecting was no surprise

It’s been several years given a initial focus for a bitcoin-related ETF by Cameron and Tyler Winklevoss, and while any rejecting comes with disappointment, Wednesday’s was not overly surprising, according to one account manager. “The rejection of ProShares Bitcoin ETF and Short Bitcoin ETF proposals was expected,” wrote Maxim Nurov, account manager during Black Square Capital in an email to MarketWatch.

“Whether a ETF is formed on destiny contracts or a mark bitcoin price, SEC many expected wants a longer duration of underlying marketplace opening before they approve a initial bitcoin ETF.”

Greg King, a former conduct of iPath, one of a beginning participants in exchange-traded note’s, echoed this sentiment, observant a SEC only stranded with their prior superintendence on a other ETF rejections.

Read: Crypto exchanges behind Winklevoss-backed bid to self-regulate

Altcoins follow bitcoin higher

Major altcoins, that are smaller coins other than bitcoin, are trade in a immature Thursday. Ether

ETHUSD, +0.33%

has combined 3.9% to $278.34, Bitcoin Cash

BCHUSD, +1.76%

is adult 2.3% during $526.70, Litecoin

LTCUSD, +1.26%

is adult 2.9% during $56.22 and Ripple’s XRP silver

XRPUSD, +1.62%

is trade during 32 cents, adult 1.6%.

Bitcoin futures had a churned day of trade Thursday. The Cboe Global Markets Inc.’s Sep agreement

XBTU8, +1.44%

 finished adult 2% during $6,407.50, while a CME Group Inc. Aug agreement

BTCQ8, +1.56%

sealed unvaried during $6,405.

CryptoWatch: Check bitcoin and other cryptocurrency prices, opening and marketplace capitalization—all on one

Providing vicious information for a U.S. trade day. Subscribe to MarketWatch’s giveaway Need to Know newsletter. Sign adult here.

Aaron Hankin is a MarketWatch contributor in New York who covers cryptocurrency and financial markets.

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