Story by: Billy Bambrough
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.
bitcoin, bitcoin price, ethereum, image
The bitcoin and cryptocurrency market has swung wildly over the last few weeks as traders and investors seek direction. GETTY IMAGES
“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.”
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Bitcoin’s bounce was attributed to the U.S. Federal Reserve’s plans to pump cash into the financial market to boost bank balance sheets and drive inflation.
“We know that [Fed easing] has historically helped bitcoin,” Joe DiPasquale, chief executive of the bitcoin and cryptocurrency investment firm BitBull Capital, told bitcoin industry news site Coindesk.
Original story: https://tinyurl.com/y3elhaemby