Bitcoin Drops Below $8000 Due to ETF Rejection

Entrepreneurs Cameron and Tyler Winklevoss arrive for the world premiere of “Ocean's 8” in New York on June 5

Bitcoin has witnessed a spike in the price recently after the speculation that the SEC would sign off on an Exchange Traded Fund.

"Because BZX has failed to carry its burden, the proposed rule change must be disapproved", it said. After having a proposal rejected past year, the Gemini exchange founders had hoped to secure their Winklevoss Bitcoin Trust on BATS Global Market's BZX stock exchange with this latest attempt.

Commissioner Hester Peirce has stated, "her cause of concerns on the Commission's approach that undermines investor protection by prohibiting greater institutionalization of the bitcoin market".

"Contrary to the Commission's determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product", Pierce said this week. The disapproval order's broad interpretation of the Commission's statutory mandate signals that the Commission reserves for itself the authority to judge when an innovation is ripe enough, respectable enough, or regulated enough to be worthy of the securities markets. For example, a stock exchange listed on the European Technology Platform may demonstrate in a proposed change to the rules that it will be able to address the risk of fraud and manipulation by sharing surveillance information with a regulated market of significant size related to bitcoin.

This time regulators said the underlying bitcoin market, on which the fund would be based, is too susceptible to manipulation, noting: "BZX has not demonstrated that the structure of the spot market for bitcoin is uniquely resistant to manipulation".




What do you think of the denied proposal of the Winklevoss Bitcoin ETF? Through their Gemini company, they have sought to expand the market for bitcoin, operating an exchange and partnering with Cboe Global Markets to hold an auction used to determine the official price for bitcoin futures. Shortly after, Bats submitted a petition to review that decision, triggering another wave of comments - and expectation - about the agency's willingness to approve a cryptocurrency exchange-traded product.

The decision is a blow to the Winklevoss brothers, who have spent years seeking to bring cryptocurrency investing into the mainstream.

The ripples of the SEC's rejection of Bitcoin ETF were soon felt in the crypto markets as the strong going Bitcoin in last one week corrected by almost 4% slipping below its crucial $8000 support.

Considering the last 24 hours, BTC has experienced a roller coaster in the price. I reject the role of gatekeeper of innovation-a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. The market has found the reason for a downside correction after a strong rally, and even the news that one of the SEC's commissionairs supported the ETF idea.

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