Bitcoin is up 2.1% at $US1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another bitcoin ETF, on or before March 30.
The SolidX Bitcoin ETF is expected to suffer the same fate as the Wiklevoss twins’ bitcoin ETF, which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF because it did not “find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $US1,327.19 the morning of the SEC’s ruling on the Winklevoss ETF before tumbling to a low of $US939 on Monday amid fears developers were threatening to set up a “hard fork” that would split bitcoin in two.
Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year.
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