Bitcoin enters its third day of decline, as the U.S. Securities and Exchange Commission (SEC) turns down an exchange-traded fund’s request to be listed.
Tyler and Cameron Winklevoss wanted to list their Bitcoin ETF on Cboe Global Markets Inc., but SEC is adamant that it is not convinced that the cryptocurrency is adequately monitored and therefore rejected the listing request. The news led to a dampening of Bitcoin optimism, with the digital coin’s price dropping below $8,000.
Had the SEC green-lighted the ETF’s listing, there could potentially have been a surge of institutional investments/mutual fund participation – and therefore increasing trading volume – in the cryptocurrency market.