Bitcoin slumps after US regulators reject Winklevoss crypto exchange-traded fund, again

Markets Insider
  • Bitcoin is under pressure this morning after news broke that regulators had rejected a proposal for a crypto exchange-traded fund for the second time. Most other large cryptos are also lower.
  • The SEC first rejected a plan by Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, to list a bitcoin ETF in March 2017.
  • On Thursday, the SEC put out a letter saying it did not agree that Gemini’s markets were ready for a derivative product to be based off of them.
  • A short time ago, bitcoin was trading down by around 3% after the news broke, slightly off its lows but still beneath the $US8,000 mark.
  • Rumours that the SEC would approve a crypto fund has recently fuelled a rally in the coin, which is known for its volatile price swings.
  • Following the announcement, SEC Commissioner Hester Peirce posted a dissent to the decision on the Security & Exchange Commission’s website.
  • Elsewhere in the market, VanEck and SolidX filed a request for a bitcoin-linked ETF. And California asset manager Bitwise asked for permission to list an ETF tied to 10 cryptos earlier this week.
  • Watch bitcoin trade in real-time.

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