Bitcoin prices are holding firm on Thursday, despite the withdrawal of a widely followed bitcoin-backed exchange-traded fund proposal.
On Thursday, bitcoin,
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.
The Bitcoin ETF filing has been temporarily withdrawn. We are actively working with regulators and major market participants to build appropriate market structure frameworks for a Bitcoin ETF and digital assets in general. Will keep you updated. pic.twitter.com/o9yiN47ZKe
— Gabor Gurbacs (@gaborgurbacs) January 23, 2019
Altcoins — the group of more than 2,000 digital currencies other than bitcoin — were mostly unchanged on Thursday. Ether
was down 0.2% at $116.10, Litecoin
gained 0.3% to $31.70, Bitcoin Cash
lost 2.3% to $127.50, and XRP
was unchanged at 32 cents.
Bitcoin futures were moving higher on Thursday. The Cboe Global Markets February contract
was up 0.7% at $3,530, while the CME Group February contract
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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