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Saturday, March 18, 2017

Bitcoin Price Maintains Stability at $1225, Resilient Towards ETF Ruling

Bitcoin Price Maintains Stability at $1225, Resilient Towards ETF Ruling

On March 10, the US Securities and Exchange Commission officially disapproved the Winklevoss twins’ Bitcoin ETF COIN. Contrary to the predictions of most analysts, Bitcoin price recovered almost immediately thereafter, stabilizing at $1,225.

Until earlier this morning, Bitcoin price maintained its stability at $1,225. After dropping to nearly $960 upon the announcement of the SEC, within minutes, Bitcoin price bounced back to $1,150 and rose to $1,225 over the past few days.

Today, the Bitcoin price reached $1,257 at its peak on most major Bitcoin exchanges including Bitstamp, Kraken and Bitfinex, taking a step closer towards hitting 2017’s year-to-date (YTD) high of $1,290, which was achieved days before the disapproval of the Bitcoin ETF.

An increasing number of investors voted in favor of the SEC approval in the week leading to the SEC’s decision. Optimistic analysis from leading financial institutions including Bloomberg led investors to believe that the COIN ETF will most likely be approved, as previously reported by the Cointelegraph.

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