On 26 July, a Bitcoin (BTC) ETF application submitted by the Winklevoss brothers was rejected by the US SEC, stating that the application lacks measures to prevent the manipulation of the price.
The SEC also said that the Bitcoin ETF filed by the Winklevoss twins – the co-founders of one of the most popular digital currency trading platforms in the US, Gemini – doesn’t haven’t enough tools to deter and identify manipulation and fraud that could have a negative effect on the price trend of the digital currency.
Hester Peirce’s Remark
Shortly after the SEC released its statement regarding the rejection of the ETF, Hester Peirce – SEC Commissioner – expressed how disappointed she is with the decision of the SEC to reject the Winklevoss brothers’ bitcoin ETF, noting that Bitcoin (BTC) as a digital currency is matured and regulated enough to have an exchange-traded fund.
She also said that the premature decision of the agency demoralized the protection of investors by dismissing Bitcoin market institutionalization that has seen an upsurge in adoption by financial institutions that are regulated such as J.P Morgan, Goldman Sachs, and Morgan Stanley over the past coupl of months.
The Crypto Market Price Trend
Over the past seven days, BTC and other digital currencies in the market have seen a strong rally supported by an increase in trading volumes. Between the 25th and 26th of July, the daily trading volume of BTC surged to $6.3 billion from $3 billion, and other digital currencies in the market experienced the same thing.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin is trading at $8,222 after an increase of more than 3.5 percent over the past twenty-four hours and an increase of 13 percent over the past seven days. The announcement of the rejection caused the coin to trade below the $8k mark yesterday, but the digital currency is back on its feet, shaking off SEC’s denial of Winklevoss bitcoin ETF.