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Bitcoin has swatted away the distraction of a failed attempt to establish a bitcoin exchange-traded fund (ETF) by the Winklevoss twins to supersede its levels prior to the SEC ruling on Friday. On Monday, bitcoin price reached a high of $1,249 at the time of publishing on the Bitstamp Price Index (BPI).

It was an eventful and dramatic Friday for bitcoin. Having flirted with $1,200 through most of Thursday, bitcoin price began trading above the milestone on Friday. Anticipation turned to excitement in the lead-up to the decision as frenzied trading pushed bitcoin to an all-time BPI high of $1350.

The SEC’s refusal to approve the Winklevoss’ bitcoin ETF predictably led to a rapid sell-off, as bitcoin price sunk to a low of $975 in a ten-minute period from $1,288. From its all-time high to a new 30-day low, bitcoin has lost nearly 28% in value. In the aftermath of the decision, price resurfaced above $1,100, finding new support.

On Sunday, the first signs of a return to form as a part of the cryptocurrency’s larger bullish rally sparked to life. At 13:45 UTC on Sunday afternoon, price surged from $1,788.48 to a high of $1,237.23 for the day at 19:00. Bitcoin continued to sail those heady winds today. After peaking to an early day’s high of $1,242.46 at 04:30, bitcoin settled with price floating above $1,220.

Today’s surge began at 10:00, with bitcoin at $1,220. A sustained three-hour period meant bitcoin price pushing to a high of $1,249. That value is nearly $60 higher than bitcoin’s trading value at the start of the day when the SEC decided to reject the bitcoin ETF.


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At the time of publishing, bitcoin price is trading to the dollar at $1,235 on the BPI.

The decision to reject the bitcoin ETF has spurred traders’ and investors’ backing and sentiment toward decentralized cryptocurrencies beyond bitcoin. For instance, Ethereum, the second-largest cryptocurrency after Bitcoin, began rising soon after the SEC’s decision. At record levels of trading, bitcoin reached an all-time high of $24 yesterday, scaling a market cap of $2 billion for the first time.

At the time of publishing, Ethereum is trading at of $29.75 after reaching an all-time high of $30.65 today on Kraken.

All across the board, the world’s most prominent cryptocurrencies including the likes of Dash, Monero and Litecoin are all riding a bullish wave following the SEC’s decision. A look at CoinmarketCap’s charts reveal that the top 30 cryptocurrencies by market cap are all on an upswing.

For a live Bitcoin Price chart, click here.

All time references are in Coordinated Universal Time (UTC).

Image from Shutterstock. Charts from Bitcoin Wisdom.

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Posted by Samburaj Das