SEC rejects Winklevoss twins bitcoin fund for the second time, and bitcoin takes a hit

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  • Bitcoin was trading slightly lower after news broke that regulators had rejected a proposal for a crypto exchange-traded fund for the second time.
  • The SEC first rejected a plan by Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, to list a bitcoin ETF in March 2017. 
  • On Thursday, the SEC put out a letter saying it did not agree that Gemini’s markets were ready for a derivative product to be based off of them
  • Bitcoin was trading down 1.2% after the news broke, at $8,068 a coin. 
  • Rumors that the SEC would approve a crypto fund has recently fueled a rally in the coin, which is known for its volatile price swings. 
  • Elsewhere in the market, VanEck and SolidX filed a request for a bitcoin-linked ETF. And California asset manager Bitwise asked for permission to list an ETF tied to 10 cryptos earlier this week. 
  • Watch bitcoin trade in real-time.

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Read the full article from it’s original source: http://uk.businessinsider.com/sec-rejects-winklevoss-twins-bitcoin-fund-for-the-second-time-and-bitcoin-takes-a-hit-2018-7

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