Bitcoin fell below $8,000 right after SEC shot down the initiative. The U.S. Securities and Exchange Commission (SEC) opted to reject the second Bitcoin Exchange-Traded Fund (ETF) proposed by Tyler and Cameron Winklevoss.
Bitcoin has enjoyed some interesting gains over roughly the last month. Even after experiencing a temporary down today, and falling to an intra-day low of slightly more than $7,900, the digital currency was up more than 35% from its recent low of $5,785.43 hit last month.
Couple days ago, Mati Greenspan had said: “The ETF market is huge.” “It could potentially open the market to a world of new well-funded buyers.” Not only him, but several market observers had pointed out that anticipation surrounding the Winklevoss’ proposed ETF was having a significant influence on Bitcoin’s recent gains.
There is another bitcoin ETF application that is still active: the VanEck SolidX Bitcoin Trust. The SEC had no comment about that application. According to Dodd Frank rules, the agency needs to take action within 45 days of the publication of that proposal, that is to say August 16.
