The ETF pioneered by the Winklevoss twins could have increased liquidity for the bitcoin market and made exposure to the currency easier to attain. The price of bitcoin is down $200 as a result of the SEC's decision.
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SEC rejects bitcoin ETF
Had the SEC approved the Winklevoss effort, it could have significantly increased liquidity for the bitcoin market ― not only by encouraging retail investors to participate, but also investment advisors with larger bankrolls. More diverse bitcoin exposure also could have helped reduce price volatility, although anticipation of a more favorable ruling had caused the price of bitcoin to spike: Bitcoin prices are now tanking in reaction to the ruling, down more than $200 at last check.
