Bitcoin Plummets 18% as SEC Rejects Winklevoss ETF Proposal
- Regulator announces disapproval in Friday announcement
- Winklevoss twins sought approval for ETF to trade on Bats
Winklevoss’ Bitcoin ETF Bid Shot Down by SEC
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Bitcoin’s price plummeted after U.S. regulators rejected a proposal by the Winklevoss twins for a publicly traded fund based on the digital currency, dashing hopes that a government-approved investment vehicle would lead to wider interest in virtual money.
The Securities and Exchange Commission refused to grant an exemption that would have let the Winklevoss Bitcoin Trust trade on the Bats BZX Exchange, according to a filing posted Friday on the regulator’s website. The decision ended a months-long rally that pushed the virtual money’s value higher than gold. Bitcoin fell as much as 18 percent against the dollar to $978.76 after the decision, the lowest intraday price in a month.