HomeNewsCrypto Bitcoin Hits US$1,200 Again in Wake of SEC Rejection Crypto, NewsAlphaville is completely free.All you have to do is register.Ready to subscribe, View our subscription optionsAdvanced Search Take a Free Trial | Sign In SEC Denies Winklevoss Twins’ Bitcoin ETF Application Try Law360 FREE for seven days Add to Briefcase Printable Version Rights/Reprints Editorial Contacts Related Sections Banking Capital Markets Public Policy Securities Companies Facebook Government Agencies Securities and Exchange Commission Law360 UK Read Our Latest UK Legal News & Analysis Read All Stories Get instant access to the one-stop news source for business lawyers Register Now!You must correct or enter the following before you can sign up: Thank You!You are hereHomeFor InvestorsInvestor Highlights What You Should Know About BitcoinBitcoin is reaching new highs.

The cryptocurrency on Friday morning was trading at $1,197 — just above the $1,165 record high average price set three years ago, according to CoinDesk.bitcoin miner gratisBitcoin has staged a comeback after nearly reaching a record high but then falling at the very beginning of 2017.bitcoin thrift storeOn the currency's first day of trading in the new year, it steadily rose to over $1,000 before crashing into the $900 range.bitcoin rand chartAt the time, demand for bitcoin was growing in China and some buyers in India were turning to bitcoin amid the country's demonetization crisis.bitcoin dead in singapore/mWmn6XgNpn — Meltem Demirors (@Melt_Dem) February 24, 2017 This time around, bitcoin traders are optimistic that the Securities and Exchange Commission will approve bitcoin's first exchange-traded fund.bitcoin hardware ebay

That SEC approval could make bitcoin more attractive to investors who have so far stayed away.best litecoin pool for beginnersThe SEC is supposed to decide on this by March 11, and traders are optimistic about the fund's approval.bitcoin casino regulationFor the next two weeks, prices are likely to keep rising unless the SEC comes out with a decision that bitcoin's boosters don't like.bitcoin group melbourneIf the ETF is approved, prices could even keep going up beyond the next two weeks now that the public will have an easy way to put their money into bitcoin.bitcoin belly up'/eEm6LTByot — Spiros Margaris (@SpirosMargaris) February 24, 2017 2017 bitcoin optimism, round two?

BONUS: Apple's new 'Apple Park' spaceship campus will open in AprilThe SEC has put the kibosh on the first ETF tracking bitcoin’s price, The Wall Street Journal reported.The denial on Friday is sure to disappoint investors hoping for an easy, liquid product for betting on the value of bitcoin.It also marks a “high-profile rejection for the digital currency and the Winklevoss brothers behind the proposal,” the Journal said.The news caused bitcoin’s price to swoon to as low as $1,022 Friday.Earlier in the day, the currency had rallied as high as $1,326 on hopes the SEC would approve the ETF.The decision ends -- at least for the time being -- a multiyear push by twins Cameron and Tyler Winklevoss to package bitcoin into an exchange-traded vehicle.The brothers became famous for suing Facebook founder Mark Zuckerberg, claiming that he stole their social networking idea.The denial was based in part on the legal requirement that an exchange where an ETF trades has agreements with significant exchanges overseeing trading in the underlying commodity.

The Winklevoss ETF would have traded on the Bats exchange, which had an agreement only with the Gemini Exchange, and regulators deemed Gemini insufficiently regulated.Two other companies, Grayscale Investments and SolidX Management, have applications for similar bitcoin products pending with the SEC.“The SEC is essentially saying that until significant bitcoin markets are regulated, the listing exchange really can’t address concerns about the potential for manipulative trading,” said Michael Mundt, who formerly regulated exchange-traded products at the SEC, the Journal said.Today in Advisor Center DOL Clarifies Fiduciary-Rule Compliance Merrill May Allow Some Commission IRAs Morningstar Planning Proprietary Funds Latest In Advisor Center Investing Advisor Center Investing Test title Advisor Center Investing The World’s Best CEOs Advisor Center Investing Boomtrain Newsletter Subscribe TestOn Friday, the U.S Securities and Exchange Commission (SEC) dealt a massive blow to crypto-currency enthusiasts by rejecting the proposal for Winklevoss twins Bitcoin Trust ETF.

This is a major defeat for the Winklevoss twins who have insistently been trying to gain exemptions that would let their trust fund to publicly trade on the stock exchange.The SEC have issued an order declining their proposal, which would’ve allowed individuals to trade in Bitcoins without setting up any wallets.They’ve stated that the unregulated nature of the Bitcoin market posed an immediate threat to its trading.It further adds that the said nature makes the digital currency made it too difficult to monitor, thus, making it highly susceptible to fraudulent activity.Speaking on the same in an official statement, the Securities and Exchange Commission said,Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated.The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop.The Winklevoss twins, who’re renowned for their lawsuit against Facebook, have been working for years to tweak their proposals to set up the proposed Exchange Traded Fund (ETF).

The investment tool, if implemented, would’ve led to the formation of a common stock fund matched with the current market price of the Bitcoin.This would have become the means for an individual or Wall Street investor to pick up a stake in this digital currency, without having to worry about wallets.Though they’d still be required to have one to spend Bitcoins against their transactions.This decision came as a major setback for the Winklevoss twins as well as the currency, causing it to tumble down by as much as 18 percent in intra-day trading, reports Bloomberg.The lowest price for one Bitcoin against the dollar was quoted to be around $978, which is massively lower than the all-time highs it had recently achieved.The impending decision had caused the Bitcoin to become more valuable than one ounce of Gold, a couple days ago.The Winkelvoss twins have released a statement (via Forbes) saying that they’re still committed to working with the SEC to further tweak their proposal and bring their Bitcoin ETF to the market.