The Securities and Exchange Commission rejected Winklevoss and Tyler's proposal for an exchange-traded fund for Bitcoin.
Moments after their decision the cryptocurrency decreased more than 16% and right now it's 14%, or $192 ($1,000 per bitcoin).
"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. "
and continued with "as the exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs - agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market - the commission does not find the proposed rule change to be consistent with the Exchange Act. "
Bitcoin rallied 120% in 2016 and was the top-performing currency in each of the past 2 years.
2017 has been a volatile year for the cryptocurrency. It gained more than 20% in the 1st week of the year before crashing 35%.
Souce Article; http://adiphy.com/article/?t=tQW0Zn6&k=e6dbe960ea5f69c3e5cec130a1b7ee9dcbf5ffef
