Bitcoin Slides After SEC Rejects Winklevoss ETF Request

After considerable anticipation, The SEC has decided to reject the request from the Winklevoss twins to launch a Bitcoin ETF for the second time. Bitcoin is down modestly on the news.

The SEC rejected the application because it wasn't convinced  that the market would have adequate surveillance and follows the decision in January for two companies to pull their applications.

Bitcoin is sliding, down some 2.8%, sliding below $8000 for the first time since July 24.

What we would note is that Bitcoin is down very modestly in the news - something that would likely have crashed it just a few months ago.

More than likely, this is why the cryptocurrency is not reeling, as Bitcoin pioneer Charlie Shrem notes...

Coinbase confirms, noting that today's SEC decision traces back to March 2017, when it first rejected a bid to list the Winklevoss bitcoin ETF. Shortly after the SEC turned down the initial proposal, Bats BZX pushed for a review of that decision, but that has been turned down too.,

However, concerns remain...

And specifically, here's why...