Bitcoin prices are holding firm on Thursday, despite the withdrawal of a widely followed bitcoin-backed exchange-traded fund proposal.

On Thursday, bitcoin,














BTCUSD, +0.78%












 the world’s largest digital currency, was changing hands at $3,585.16, up 0.6% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange.

The ETF proposal by VanEck Associates and SolidX was for a physically backed institutional style ETF with a minimum buy-in of $200,000. On CNBC, the chief executive of VanEck said the shutdown, coupled with some market concerns, meant the best option was to pull the filing.

“So, you know the SEC is affected by the shutdown [and] we were engaged in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop,” said Jan van Eck. He added that the companies plan to refile the application at a later date.

Altcoins — the group of more than 2,000 digital currencies other than bitcoin — were mostly unchanged on Thursday. Ether














ETHUSD, +0.02%












 was down 0.2% at $116.10, Litecoin














LTCUSD, +1.20%












gained 0.3% to $31.70, Bitcoin Cash














BCHUSD, -1.83%












lost 2.3% to $127.50, and XRP














XRPUSD, +0.90%












was unchanged at 32 cents.

Bitcoin futures were moving higher on Thursday. The Cboe Global Markets February contract














XBTG9, +0.93%












was up 0.7% at $3,530, while the CME Group February contract














BTCG9, +0.86%












added 0.9% to $3,535.

Read: This country leads the world in crypto trading — and it isn’t the one you think

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