US SEC rejects Bitcoin ETF

NEW YORK: The US Securities and Exchange Commission denied a request to list what would have been the first US exchange-traded fund built to track bitcoin, the digital currency. Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let it bring the Bitcoin ETF to market. CBOE Holdings Inc’s Bats exchange had applied to list the ETF. The digital currency’s price plunged, falling as much as 18 per cent in trading immediately after the decision before rebounding slightly. It last traded down 7.8 per cent to $1,098. Bitcoin had scaled to a record of nearly $1,300 this month, higher than the price of an ounce of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset. — AFP