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Bitcoin price (BTC/USD) rises as SEC plans to review recent ETF rejections

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The Bitcoin price (BTC/USD) has shown resilience in the wake of the US Securities and Exchange Commission’s latest round of Bitcoin ETF proposal rejections.

The SEC announced late on Wednesday that it had decided to reject nine proposals for Bitcoin exchange-traded funds from ProShares, Direxion and GraniteShares. The regulator said that in all instances, the exchanges have not “the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices”. However, it also said that that the rejections “does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment”.

However, it was announced on Tuesday that the rejection orders had been stayed and would now be reviewed by senior SEC officials. Commissioner Hester Pierce explained in a tweet:

“In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.”

Bitcoin remained stable on Thursday and even posted some solid gains on the day. Having traded around $6,450 during most of the session, the digital coin surged in late trading, hitting an intraday high of $6,546.54. The increase was most likely driven by the news about the impending reviews. The coin eventually finished the day at $6,5344.88, up from its opening level of $6,371.34.

Bitcoin has been stable above the $6,500 mark since the start of today’s session, with its price rising to as high as $6,558.12. At the time of writing the Bitcoin price was hovering around $6,530, according to data from digital currency tracker Coinmarketcap.

In today’s trading, the Bitcoin price stood at $6,533.98, as of 09:47 BST. The digital coin has gained 1.3% in the past 24 hours, Coinmarketcap data shows. It’s market capitalisation currently stands at $112.5 billion, which represents 53.3% of the total value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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