The SEC Crashes Bitcoin $300 After Declining ETF Application

by John Galt
March 10, 2017 17:00 ET

The Securities and Exchange Commission voted today and for the invisible currency you can not hold in your hand, well, not so good (from Forbes):

SEC Rejects Winklevoss Bitcoin ETF, Sending Price Tumbling

Excerpted:

In its statement, the SEC stated, “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.”

OUCH!

And the chart was even more dramatic as the price crashed from a pre-4 p.m. price of $1287 per Bitcoin to $980 before a $100 bounce:

First Facebook, now Bitcoin; man it must suck to be a Winklevoss.

I guess that answers the question I asked the other day:

Bitcoin v. Gold: And the Winner is…

Yup, the winner is obvious:

Full SEC statement from their website:

%d bloggers like this: