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Bitcoin fell below $7,900 following the news after hitting a two-month high this week, which was partially fueled by rumors that the SEC could approve a similar trading vehicle as early as August.
The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of what would be the first-ever bitcoin ETF.
Despite today's ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money," Cameron Winklevoss, co-founder and President of Gemini said regarding the matter.
The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF. It published a letter in January pointing to "significant investor protection issues that need to be examined" before sponsors can offer these funds to retail investors.
The SEC noted that more than three-fourths of the volume in bitcoin occurs outside the United States, and that 95 percent of the volume occurred on non-U.S. exchanges