Bitcoin falls after Winklevoss twins face ETF rejection

Bitcoin prices have fallen, again, below the $8000 mark after the US Securities and Exchange Commission (SEC) rejected an effort by investors Cameron and Tyler Winklevoss to list a bitcoin ETF, citing concerns about market manipulation.

This was their second rejection in 18 months.

The agency, however, did note that the decision doesn’t constitute a judgment against cryptocurrencies and blockchain in general but rather the structure of the proposal: “Regulated bitcoin-related markets are in the early stages of their development,” the SEC said, saying that it “cannot…conclude that bitcoin markets are uniquely resistant to manipulation.”

Bitcoin fell to $7,848.46 after the SEC’s announcement.