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Bitcoin News and Price Overview: Bitcoin Shakes Off Pressure of SEC ETF Rejection. Saturday, July 28

28 july 2018, 17:03 by Vergil Younge

Important Bitcoin News

Bitcoin Shakes Off Pressure of SEC ETF Rejection

Bitcoin exhibited a rapid price change Friday after the Securities and Exchange Commission announced that it would not approve the Bitcoin ETF as proposed by the Winklevoss twins that would have seen the coin forge a closer link with traditional market.

The coin dropped to $7,798 after the news broke but recovered hours later trading currently above $8,200. The coin which has appreciated to a two-month high value lost albeit temporarily 6 percent of its Thursday price but as at 3:52 p.m. ET, the coin was trading at $8,211, having shaken off the effect of the news.

The Twins founders of Gemini, Tyler and Cameron Winklevoss had earlier tried convincing SEC to approve the listing of the bitcoin ETF and failed. Today’s rejection of their company’s application is the second time the regulator is turning down application from the exchange, citing the suspicion of market manipulation, security and uncertain investor protection as reasons the approval was denied.

CTO Mined 500,000 Bitcoins With Company Equipment Before CEO Learnt About Bitcoin

Sergey Solonin, the co-founder of QIWI said that he learnt about Bitcoin in 2011 after the company’s Chief Technical Officer was reported to be mining the cryptocurrency using the company’s spare and idling equipment.

Solonin said that the employee managed to generate 500,000 bitcoins then worth $5 million in just 3 months. However, his attempt to make the CTO hand over the digital currencies was rebuffed with the manager sending in his resignation.

"In 2011 we had over 100,000 self-service terminals. Once, the head of the security service noticed strange activity on the terminals located in the shops and department stores at night, when there were no customers. The terminals were transmitting big volumes of data, working intensively. We initiated an investigation and found out, that the company's CTO had been secretly mining cryptocurrency with our equipment," Solonin told the story, speaking at a lecture at Moscow Advanced Communication school.

Bitcoin Price

BTC/USD Price Chart, Saturday July 28th:

Bitcoin News and Price Overview: Bitcoin Shakes Off Pressure of SEC ETF Rejection. Saturday, July 28

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