SEC refused to bitcoin ETF listing application, bitcoin plummeted 19%!

SEC refused to bitcoin ETF listing application, bitcoin plummeted 19%!

Reject


After a long wait, the U.S. Securities and Exchange Commission (SEC) refused to approve Winklevoss bitcoin Exchange Traded Fund (ETF) listing application , and pointed out that the current global currency markets lack of supervision, there are various risks.


After the announcement, bitcoin prices plummeted 19% , fell below $1000 mark, but then gradually rise, has now risen to $1100 mark.

In early 2013, Winklevoss (Winklevoss Brothers) for the first time to apply for a bitcoin Exchange Traded Fund (ETF) listed. The SEC has been weighing the rules change, it is also listed as Winklevoss ETF Bats BZX bitcoin exchange offers hope.


While waiting for the SEC award, bitcoin instant price before the date once rose to a record high of $1325.81 in 5 minutes, then fell to $1178.54 intraday low, Drop up to 133 dollars.


As of 2017, bitcoin worldwide has more than 12 million, across more than 100 countries, more than ten million bitcoin game player, which also led to the bitcoin price will be affected by the global multi factors. From last year’s trend, factors affecting the price of bitcoin mainly: bitcoin yield by half, British retreat European and American election and the block chain technology is the global pursuit etc.. Whether the regulators approve bitcoin ETF is the biggest factors affecting prices since the beginning of this year, before the experts had predicted if the bitcoin price will be doubled within a week, But today, all these forecasts have become impossible.


This is in fact without the approval by early clues, SEC would have to Winklevoss that many need to consider the potential risks, including whether the fund will be subject to hacker attacks or Whether there is a risk of bitcoin split into two encryption currency . This is why the fund for approval time for more than three years.


The Winkelvoss brothers


ETF expert Jeff Bishop believes that the return to high in bitcoin prices this year under the background of SEC’s decision will be cautious. But he also believes that the final bitcoin ETF will be approved One is, because the SEC does not want to leave the outside world does not support the development of the virtual currency impression; two is because the price of bitcoin is ultimately determined by the market supply and demand, and the bitcoin ETF will increase the transparency and accuracy of pricing.


As of March 10th closing on Friday, bitcoin prices rise by nearly 20% this year, the continuation of the ferocious rally in 2016 123%, in the past two years the best performing currency.


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