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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For the most recent bitcoin price analysis piece from CCN.com analyst Jim Fredrickson, click here.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from Bitcoin Wisdom.
Last modified: June 14, 2020 9:34 AM UTC