This Week In Cryptocurrency: New No-Fee Crypto Trading Platform, SEC Rejects Bitcoin ETF

The cryptocurrency market finished another strong week on a low note on Friday, with most major currencies trading down more than 1 percent on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market this week and which currencies were on the move.

Headlines

On Wednesday, startup Voyager announced plans to offer commission-free trading of at least 15 major cryptocurrencies on its platform in the near future. The company intends to take on Robinhood, the current market leader in no-fee crypto trading. Voyager will be listing crypto prices from 10 currency exchanges and three additional market makers and said it will be able to provide better prices for customers than they would pay by directly using a single exchange such as Coinbase or Binance.

On Tuesday, Bitwise joined the growing list of companies racing to launch the first cryptocurrency ETF approved for listing on a major U.S. stock exchange. The U.S. Securities and Exchange Commission has yet to approve a cryptocurrency ETF due to concerns about investor safety and market liquidity.

Just two days after the Bitwise announcement, the SEC officially rejected the bitcoin ETF proposed by the Winklevoss twins. Friday’s decision is the second time the SEC has rejected a Winklevoss bitcoin ETF proposal. In its rejection, the commission cited concerns over fraud, investor safety and the proposal’s claims that the bitcoin market is “uniquely resistant to manipulation.”

Price Action

The Bitcoin Investment Trust GBTC traded at $11.98, up 7.9 percent for the week.

Here’s how several top crypto investments fared this week. Prices are as of 3:30 p.m. ET and reflect the previous seven days.

• Bitcoin gained 11.2 percent to $8,228;
• Ethereum gained 3.4 percent to $469;
• XRP gained 1.9 percent to 45 cents;
• Bitcoin Cash gained 5.6 percent to $824;
• EOS gained 4.7 percent to $8.40.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past seven days are:

• InflationCoin: $6.8-million market cap, 459.3-percent gain.
• HollyWoodCoin: $6.2-million market cap, 151.6-percent gain.
• Kobocoin: $1.6-million market cap, 101.2-percent gain.

The three cryptocurrencies hit hardest in the past seven days were:

• PinkCoin: $2.8-million market cap, 50.8-percent decline.
• CHIPS: $2.0-million market cap, 49.1-percent decline.
• Mooncoin: $5.2-million market cap, 44.2-percent decline.

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