Canada Markets closed

Crypto Rises as CBOE Reapplies for Bitcoin ETF

Investing.com - Cryptocurrency prices rose on Friday, as Bitcoin rebounded from overnight lows after little reaction on news of an attempt to list a Bitcoin exchange-traded fund (ETF).

The Chicago Board Options Exchange (CBOE) applied for the second time with the U.S. Securities and Exchange Commission on Thursday to list its Bitcoin ETF. Traders are hopeful the SEC will approve the security that tracks a basket of assets, as they say it could help increase adoption of the coin.

Bitcoin inched up 0.5% to $3463.10 as of 7:57 AM ET (12:57 GMT) on the Investing.com Index.

CBOE had pulled its plans to list its ETF on Jan. 23 due to the U.S. government shutdown but submitted its proposal again after it opened. The ETF is supported by investment firm VanEck and financial services company SolidX.

Cryptocurrencies overall were higher with the total coin market capitalization at $114 billion at the time of writing, compared to $113 billion on Thursday.

Ethereum dipped 0.29% to $107.07 and XRP slipped 1% to $0.30776 while Litecoin was at $32.575, up 3.6%.

In other news, Andy Brombergy, CEO of exchange CoinList, thinks the market will be quiet in 2019 as companies focus on innovation in the space.

“I think the market is going to be quiet for a little bit, while people focus on actually creating things. It feels like a little bit of a Mesopotamia, ‘cradle of civilization’ moment, where everyone has the ingredients they need, needs to focus in and start to build out those empires, and create what the future is going to look like, and that’s what this year is going to be about,” he said on Yahoo (NASDAQ:AABA) Finance.

The digital currency has decreased in popularity since its peak in 2017 as falling prices and volatility have driven away investors.

Related Articles

Bitcoin Community Celebrates as Twitter CEO Joins Lightning Network Relay

Judge pauses lawsuits against cryptocurrency company Quadriga

US Trading Platform LedgerX Introduces Binary Wager on Bitcoin Halving