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Wall Street News
Bitcoin Crashes After SEC Rejects Winklevoss ETF Application
[Photo: Cameron & Tyler Winkelvoss / cryptocoinsnews.com]
In yet another defeat for digital currency, the SEC has denied an application for an exchange-traded fund that would track the bitcoin. The
the Winklevoss Bitcoin Trust would have traded on the Bats BZX Exchange if it had been approved.
In many ways, the application was simply promoting the wrong product at the wrong time. The SEC has expressed concern about the some ETFs and similar products - their growing complexity and volatility.
Following the announcement, the digital currency fell as much as 18% against the dollar to $978.76 per bitcoin - the lowest intraday price in a month. Earlier this month, bitcoin trading approached $1,300.
In the meatime, there are 2 other applications for bitcoin ETFs awaiting SEC review – one from Grayscale Investments, the other from SolidX Management.
No matter how you slice it, today's decision is a difficult rejection for the Winklevoss twins and the bitcoin, but perhaps it's just a temporary pause in their road to market acceptance.