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CBOE
CBOE GLOBAL MARK
102.17USD-1.75-1.68%
CME
CME GROUP INC
165.49USD-0.97-0.58%
Bitcoin fell after the U.S. Securities and Exchange Commission rejected a request to list an exchange-traded fund run by Tyler and Cameron Winklevoss, showing the regulator remains skeptical that the market for the cryptocurrency is sufficiently free of abuse to bring trading to the masses.
The SEC said Thursday it isn’t convinced that trading of the world’s largest virtual token has adequate surveillance and that Cboe Global Markets Inc., which would have listed the Bitcoin ETF, failed to show that the underlying market was "resistant to manipulation." The ETF’s value would have been tied to trading on the Winklevoss twins’ Gemini exchange.
In rejecting the Cboe’s proposal for a second time in 18 months, the SEC raised concerns about the reliability of trading and volume data for Bitcoin, according to a filing posted on the regulator’s website. The agency’s staff specifically called into question the ability of Bitcoin exchanges to sufficiently police trading.
With the largest variety of markets and the biggest value - having reached a peak of 18 billion USD - Bitcoin is here to stay. As with any new invention, there can be improvements or flaws in the initial model however the community and a team of dedicated developers are pushing to overcome any obstacle they come across. It is also the most traded cryptocurrency and one of the main entry points for all the other cryptocurrencies. The price is as unstable as always and it can go up or down by 10%-20% in a single day.
Bitcoin had been rising recently in part on speculation that the SEC would sign off on an ETF. The regulator’s decision is a major setback for Bitcoin enthusiasts, because an ETF would have opened up the market to mutual funds and other institutional investors that are restricted from trading the token.
Bitcoin fell by as much as 3.6 percent after the SEC’s announcement to $7,848.46. That’s almost 60 percent below the high of $19,511 reached in December.
"The record before the commission indicates that a substantial majority of Bitcoin trading occurs on unregulated venues overseas that are relatively new and that, generally, appear to trade only digital assets," the SEC said in its filing. "Regulated Bitcoin-related markets are in the early stages of their development."
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