Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Price Crashes as SEC Rejects Long Awaited Bitcoin ETF Proposal

March 10, 2017 at 22:50 by Yahia Barakah

The price of Bitcoin plummeted on Friday, after a day of volatile movement due to investors’ anticipation for the US Securities and Exchange Commission’s decision on a proposed Bitcoin exchange traded fund. The long awaited decision brought a rejection for the proposal, which sent the price of the virtual currency tumbling down.

Winklevoss Bitcoin exchange traded fund, which was proposed by Tyler and Cameron Winklevoss, captured the hopes of Bitcoin enthusiasts by offering a chance for US investors to easily access the cryptocurrency. The anticipation for an approval had sent the price of Bitcoin to its highest level in history, exceeding $1,300 at its strongest level.

Today, Bitcoin experienced volatile movements as the digital currency moved from as high as $1,329.0 to $1,170.0 before recovering to $1,260.0 in rapid shifts of market direction ahead of the decision’s announcement. However, the release of the decision ignited a strong selloff that erased as much as $16.5 billion of the total value of outstanding Bitcoins.

The US Securities and Exchange Commission’s statement said that the rejection was due to rules that require securities exchanges to be designed in a manner that prevents fraudulent and manipulative practices.

BTC/USD traded at 1,105.0 as of 22:21 GMT on Friday, after touching 1,042.70 at 21:05 GMT, the pair’s lowest level since February 17. BTC/USD started the day at 1,199.0.

If you have any questions and comments on bitcoin today, use the form below to reply.

Leave a Reply