Bitcoin Immediately Recovers From Winklevoss ETF Rejection and It’s a Good Thing

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As reported by NewsBTC on Thursday, the U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”

Bitcoin Recovers $400 After The SEC Verdict

As aforementioned, the market didn’t initially react in kind to the SEC’s decision regarding the Winklevoss-backed exchange-traded fund (ETF). In the hours following the release of a ninety-two-page report highlighting the reasons for rejection, Bitcoin fell to a daily low of $7,800 from $8,200. Despite the verdict only directly affecting a Bitcoin-based ETF, altcoins closely mirrored Bitcoin, posting similar losses.

Nonetheless, at 3:00 PM UTC, the cryptocurrency market experienced an influx of buying volume, with Bitcoin rapidly returning to the pre-announcement price levels at ~$8,200.

Please read the full article on NewsBTC.