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Bitcoin Prices Plunge After SEC's ETF Refusal
Bitcoin prices fell sharply after the US Securities and Exchange Commission shot down a bid to list a bitcoin exchange-traded fund (ETF).
Bitcoin prices fell sharply after the US Securities and Exchange Commission shot down a bid to list a bitcoin exchange-traded fund (ETF).
The digital currency’s price fell to as little as $1,022.68 at 21:00 UTC, the lowest since roughly mid-February, according to the CoinDesk Bitcoin Price Index (BPI). This figure represents a nearly 30% decline from the all-time high of $1,325.81 that bitcoin prices reached earlier in the session.
STORY CONTINUES BELOW
At the time of report, bitcoin prices have recovered above the $1,100 line, hitting $1,109.06 at press time.
The digital currency’s sharp price fluctuations took place amid robust trading volume, as major exchanges including Bitfinex and Kraken experienced a large increase in transaction activity during the session.
Market participants traded 46.4k and 22.8k BTC through these exchanges in the 24 hours leading up to roughly 21:30 UTC, compared to an average of 26.7k and 13.9k that went through these exchanges during sessions over the past week, Bitcoinity data reveals.
Image via Shutterstock
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
