The aftermath of the SEC’s refusal to approve the Winklevoss bitcoin ETF has resulted in a predictable outcome for bitcoin trading markets. As news of the rejection spread, traders engaged in a rapid sell-off to see bitcoin price sink to a low of $975.
Bitcoin price struck $1,288 on the Bitstamp Price Index (BPI) at 21:00 UTC. Ten minutes later, price plummeted to $975, a new 30-day low going back to February 9 when price last took a tumble after two major Chinese exchanges paused bitcoin withdrawals. In that 10-minute period, bitcoin lost nearly 25% of its value.
Trading has since normalized after the panicking temporary sell-off among traders, with price now reverting back above $1,100. At the time of publishing, bitcoin is trading to the dollar at $1,108.
It has been a roller-coaster day for the world’s most prominent cryptocurrency, which hit an all-time high of $1,350 earlier today.
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All time references are in Coordinated Universal Time (UTC).
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