Bitcoin price moves above $50,000 in holiday week
Bitcoin is down fractionally this week, but up more than 104% over the past year
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Bitcoin moved above $50,000 on Thursday for the first time since Dec. 13.
Cryptocurrency prices continued to take investors on a roller coaster ride in 2021. One thing that stood out was how crypto went mainstream. The biggest change was El Salvador becoming the first country to make Bitcoin legal tender. Also the year saw the first exchange-traded fund tied to bitcoin futures began to trade.
The U.S. Securities and Exchange Commission vetoed two proposals to offer bitcoin exchange-traded funds, dealing a blow to market participants who had hoped the agency would green light the effort after approving futures-backed bitcoin funds in October, according to Reuters.
In a notice from the SEC on Wednesday, both of the proposals to list and trade shares of Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust failed to meet its standard.
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"(These proposals) do not meet the standard of being designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest," the SEC said.
The SEC in October approved two bitcoin futures-based funds, the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF.
ETFs are investment tools that track baskets of stocks and have become popular due to their lower fees.
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Democratic SEC Chair Gary Gensler and investor advocates, reportedly worry about what they see as a lack of regulatory oversight and surveillance which heightens the potential for fraud and manipulation, according to Reuters.