Breaking: ETF Denied, Bitcoin Price Drops From $1350 to $980 Within Hours

It is official. The Securities Exchange Commission (SEC) denied the Winklevoss twins’ Bitcoin ETF COIN on March 10.

Almost immediately after the public statement from the SEC was released to the public, Bitcoin price plunged, from $1,350 to $980 within seconds. Bitcoin price recovered relatively quickly thereafter, maintaining stability at the $1,100 margin.

In its official statement, the SEC wrote:

“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.”

Full story at http://bit.ly/2nfypvL

 

 

 

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