Bitcoin Reaches To Its All-Time High After Second Shoot To Winklevoss ETF
In the past day, the bitcoin has increased by 2% and reaches to its all-time high with a hope that a key trading product could be approved by the U.S. regulators for the digital currency.
According to the CoinDesk Data, the rate of bitcoin during the mid-morning trade in London was $ 1381.17 that is up from $1321. 46 on yesterday. There is a optimism in the market after the announcement in the United States that the decision of rejecting a bitcoin exchange-traded fund is reviewed by the Securities and Exchange Commission.
An application proposed by the Winkleloss twins was denied by the SEC past month for listing the ETF who will be able to develop the first product of its type in the United States for bitcoin. The proposal consists of ETF listing on one of the largest U.S. equity market operators named as Bats BZX Exchange.
There is a notice of a petition filed by the Bats for reviewing the decision of the SEC that has been accepted now. That means SEC will review its final decision in rejecting the ETF.
Bitcoin’s steady rise
For the last month, there has been a steady rise seen in the bitcoin price up by nearly 23 %. In March, it closes to $ 1,325.81 that is its all-time high.
There are several factors that support the price movement consisting start of Japanese to accept the bitcoin as a normal currency and the Russian official’s comment regarding recognizing the cryptocurrencies as a legal currency in 2018.
However, still, there are many problems with whom the bitcoin had to deal recently. There are lots of questions among the community regarding the future of blockchain technology and how that work in the future.
Additionally, there were issues with customers on some of the bitcoin exchanges that struggle for withdrawing the fiat currency from their accounts. These problems need to be sorted out soon.