Bitcoin And Ethereum Suddenly Soar Despite SEC Blow

bitcoin, bitcoin price, ethereum, image

<figcaption><fbs-accordion><p class="color-body light-text">The bitcoin and cryptocurrency market has swung wildly over the last few weeks as traders and investors seek direction. </p><small>Getty Images</small></fbs-accordion></figcaption></figure><p>"The news that the SEC is not going to approve a bitcoin ETF has not impacted the market with bitcoin heading higher again," Marcus Swanepoel, chief executive of London-based bitcoin and cryptocurrency exchange Luno, wrote in a note this morning. </p><p>"Overall global markets are also up and we are seeing some positive sentiment."</p><p>The SEC has so far rejected all bitcoin ETF proposals due to concerns around fraud and market manipulation, with the regulator knocking back the closely-watched VanEck bitcoin ETF application last month.</p><figure class="image-embed embed-1" role="presentation">

bitcoin, bitcoin price, ethereum, chart

<figcaption><fbs-accordion><p class="color-body light-text">The bitcoin price jumped sharply yesterday, adding some $400 per bitcoin in a matter of minutes. </p><small>Coindesk</small></fbs-accordion></figcaption></figure>

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Bitcoin and ethereum, the two biggest cryptocurrencies by market value, suddenly soared yesterday despite the U.S. Securities and Exchange Commission (SEC) rejecting the latest attempt at creating a bitcoin exchange-traded fund (ETF).

The bitcoin price is up some 5% over the last 24-hour trading period, while ethereum has risen almost 6%, both adding to gains earlier in the week.

“The news that the SEC is not going to approve a bitcoin ETF has not impacted the market with bitcoin heading higher again,” Marcus Swanepoel, chief executive of London-based bitcoin and cryptocurrency exchange Luno, wrote in a note this morning.

“Overall global markets are also up and we are seeing some positive sentiment.”

The SEC has so far rejected all bitcoin ETF proposals due to concerns around fraud and market manipulation, with the regulator knocking back the closely-watched VanEck bitcoin ETF application last month.

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