As reported by NewsBTC on Thursday, the U.S. SEC rejected a revised proposal for the Bitcoin ETF, supported by Winklawus Twins. The market immediately took a diving with bitcoin and most altcoins posting 4-5% losses a day. Some people asked, "Was this fall really necessary, or was it all an irreversible?


BITCOIN RECOVERS $400 AFTER THE SEC VERDICT


As mentioned above, the market did not initially react to the SEC's decision regarding the Winklaws backed back exchange traded fund (ETF). Within a few hours of releasing the ninety-two-page report highlighting the reasons for the disapproval, bitcoin fell to a daily lower level of $ 8,200 to $ 7,800. Regardless of the fact, despite affecting only Bitcoin-based ETF, altcoins closely reflected bitcoin while posting similar losses.
Even then, at 3:00 o'clock at UTC, the volume of buying volumes in the cryptocurrency market rose, Bitcoin quickly returned to $ 8,200 at the pre-announcement price level.![Bitcoin-price-chart-graph-760x400.jpg](https://cdn.steemitimages.com/DQmVZ9gxmH5u5eS2UrtJa2jeM5DHpCQSNMmvbKuimNNyzWi/Bitcoin-price-chart-graph-760x400.jpg)