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The post SEC Denies SolidX Bid for Bitcoin ETF Listing appeared first on CryptoCoinsNews.

Stocks rallied on Tuesday following a dip Monday that appeared related to concern about the failure of "Trumpcare" to get enough votes in the House. That failure cast doubt on the rest of President Donald Trump's economic agenda.

Here's the scoreboard:

• Dow: 20,714.27, +163.29, (0.79%)
• S&P 500: 2,360.94, +19.35, (0.83%)
• Nasdaq: 5,883.41, +43.03, (0.74%)

1. 'Trumpcare' is not dead. Republicans emerged from a closed-door caucus meeting saying they had not abandoned their desire to repeal and replace the Affordable Care Act, also known as Obamacare, even after their bill was yanked from the House floor on Friday.
2. Following the health care debacle, Trump is planning to move up the timetable on large-scale infrastructure spending to this year, reported Jonathan Swan at the news website Axios. 
3. US consumer confidence spiked to a 16-year high in March. The Conference Board's consumer confidence index jumped to 125.6, the highest since December 2000.
4. Home prices rose to a 31-month high in January. The S&P CoreLogic Case-Shiller national home-price index climbed 5.9%, not seasonally adjusted. The biggest gains were again recorded in the red-hot markets of Seattle, Portland, and Denver. 
5. Snap shares sank 4% after Facebook launched Stories. Much like Snapchat, Facebook Stories will allow users to post photos and videos that will disappear after 24 hours.  
6. The Securities and Exchange Commission rejected plans for the SolidX Bitcoin ETF. The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.
7. After Trump tweeted about a "major investment" from Ford, the automaker said it would invest $1.2 billion in three Michigan facilities and create 130 jobs in projects largely in line with a previous agreement with the United Auto Workers union.

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The post Storj to Migrate Cloud Storage Service to Ethereum Blockchain from Counterparty over Bitcoin appeared first on CryptoCoinsNews.

Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF.

The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday.

The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.

In its ruling the SEC said:

"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.

Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market—the Commission does not find the proposed rule change to be consistent with the Exchange Act."

Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF.

2017 has been a volatile year for bitcoin. 

The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First, China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they were blocking customer withdrawals.

But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF.

Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a "hard fork" that would split the currency in two.

Bitcoin has been the top-performing currency every year since 2010, aside from 2014.

A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known.   

SEE ALSO: We bought and sold bitcoin — here's how it works

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Coupled with Bitcoin’s popularity among ransomware extortionists and all manner of other cybercriminals, we must now face a chilling realization: the underlying value of Bitcoin really has little if nothing to do with its artificial scarcity or popularity as a medium of speculation.

The Securities and Exchange Commission has denied a bid to list a bitcoin exchange-traded fund on the New York Stock Exchange.

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The post Bitcoin Exchange BTCChina Upgrades KYC System; Withdrawals to Resume Soon? appeared first on CryptoCoinsNews.

Bitcoin is up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another bitcoin ETF, on or before March 30.

The SolidX Bitcoin ETF is expected to suffer the same fate as the Wiklevoss twins' bitcoin ETF, which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF because it did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."

Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a "hard fork" that would split bitcoin in two.

Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year. 

SEE ALSO: We bought and sold bitcoin — here's how it works

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NOW WATCH: 7 mega-billionaires who made a fortune last year

CoinDesk rounds up the various announcements from industry startups in the wake of speculation the bitcoin network could see a technical split.

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