Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF. The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday.
ADVERTISEMENT
Bitcoin dives after the SEC shoots down plans for another bitcoin ETF
This is the second bitcoin ETF rejected by the SEC.
The opening of Hong Kong's first bitcoin retail store.
ADVERTISEMENT
The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.In its ruling the SEC said:
Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Trends in online casino gaming in New Zealand
10 African countries with the highest number of migrants
PHOTOS: Inside the hostel in Rwanda set to house migrants from the UK in July
10 African countries with the weakest governments
Zap unveils Africa's first non-custodial exchange
The future of healthcare on display: Day 1 of Medlab West Africa wraps up
Nigeria suspends a Chinese business over discrimination charges
10 African countries with the greatest soft power influence over the world in 2024