The US Securities and Exchange Commission has denied a request to list what would have been the first US exchange-traded fund built to track Bitcoin, sending the price of the digital currency plunging.
In response to the rejection, the digital currency’s price fell as much as 18 percent in trading before rebounding slightly. It last traded down 7.8 percent to US$1098.
While it may seem like a bit of a roller coaster when it comes to Bitcoin’s pricing it continues to trend only one way, and that’s up! Remember when it was less than US$300? It wasn’t that long ago.
Source: Bitcoin price plunges after SEC rejection – Software – iTnews