The Bitcoin price (BTC/USD) has broken through the $7,700 barrier after experiencing a strong rebound in Wednesday’s late trading.
The original cryptocurrency enjoyed a solid morning session on Wednesday, as it held above the $7,600 level it had surpassed in the previous session. The situation changed in the afternoon, when Bitcoin experienced a sharp drop, which pulled its price toward the $7,500 mark. After spending several hours trading near that level, the digital cryptocurrency bounced back to finish the day in the positive territory. Bitcoin closed the session at $7,653.98, slightly higher than its opening level of $7,625.97.
While the initial advance came to a halt near the end of the session, Bitcoin experienced another uptick in the early hours of today’s trading, which allowed it to move above the $7,700 level. At the time of writing, the Bitcoin price was hovering around $7,700, having hit an intraday high of $7,741.27 earlier in the session.
In other Bitcoin news, Bloomberg reported yesterday that companies Van Eck Associates Corp and SolidX Partners had filed a joint request to list a Bitcoin-linked exchange-traded product (ETP) to the US Securities and Exchange Commission. The regulator has previously rejected requests for exchange-traded funds, including requests from the same firms. In their new request Van Eck an SolidX have made several changes, which they hope would be enough to satisfy the regulator. The proposed fund will be physically-backed, meaning that it will hold actual Bitcoin, and will be insured against loss or theft of the cryptocurrency. The companies have also increased the share price and intend to base prices off regulated trading firms, Bloomberg reports.
“Based on various comments, it seems that regulators are concerned right now about having an ETF that is available to retail investors,” SolidX chief executive officer Daniel H. Gallancy told the newswire in a phone interview. “We think that will change over time, but right now a good place to start is with a product geared purely toward institutional investors.”
In today’s trading, the Bitcoin price stood at $7,697.44, as of 10:25 BST. The digital currency has gained 1.1% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.