Bitcoin : Price in Jeopardy After SEC Bitcoin ETF Decision | Fortune.com
►http://fortune.com/2017/03/10/bitcoin-price-etf-winklevoss-approval
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For a fleeting moment at about 8:27 a.m.—more than an hour before the U.S. stock market even opened—the price of Bitcoin spiked more than 10% from the day before. The blockchain-based virtual currency briefly touched a new record price of $1325, continuing its recent surge amid anticipated SEC approval of the first Bitcoin ETF. A week ago, Bitcoin even surpassed the price of gold.
But in a reminder of just how fickle the market for such newfangled assets can be, just after 4 p.m. Friday, the Bitcoin price took a U-turn and plummeted to lows not seen in months, dipping below $1000 to as low as $980, after Bitcoin investors received some bad news from the U.S. Securities and Exchange Commission. That’s a 35% swing in the Bitcoin price in the span of a day.
Bitcoin buyers were hoping that the so-called cryptocurrency, created through digital “mining,” would soon become available on the open stock market in the form of an exchange-traded fund (ETF). That way, mainstream investors could purchase Bitcoin as easily as they can now buy Snap (snap, -2.69%) stock following Snapchat’s IPO, theoretically pushing the Bitcoin price higher.