Bitcoin exchange-traded funds are unlikely to be introduced to the stock market in the near future, as the SEC denies bitcoin ETF for the second time in a month.
The price of bitcoin seems to be entering a downward trend as investors are getting concerned about the near-time future of the digital currency.
Bitcoin price dropped just as the SEC unveiled its decision but managed to recover quickly keeping close to $1,200 barrier.
The Securities and Exchange Commission has denied a request to launch the Winklevoss Bitcoin Trust ETF, prompting bitcoin price to fall by 35% within a day.
The People’s Bank of China explained that it would begin blacklisting exchanges that would continue violating the regulations.
The SEC seeks advice of organizations and officials related to the approval of the Winklevoss twins’ Bitcoin ETF to get independent insight.
The price of virtual currency has been climbing as the Securities and Exchange Commission is on the way to approve the first bitcoin exchange-traded fund.
The analysts underlined that there is no particular reason for the SEC disapproval, it is just a mixture of fear, uncertainty and doubt that can make the approval process difficult.
Although the Winklevoss Bitcoin Trust was initially listed on Nasdaq, Winklevoss brothers have decided to change it to BATS Global Markets.