Bitcoin prices recover quickly despite ETF rejection

On Friday (March 10, 2017), Bitcoin prices crashed by 20% when US SEC rejected Tyler and Cameron Winklevoss’ proposal for a Bitcoin exchange-traded fund.  The Bitcoin crypto-currency dropped more than 16% from $1200 to $1,000 per bitcoin.

However, over weekend (11th and 12th March), bitcoin prices had a quick recovery and the prices again went upto a high of $1242. It is higher than the price traded on Friday.

It is worth noting that Bitcoin prices have rallied 120% in 2016 and top performing currency in last 2 years.  The bitcoin prices were volatile in 2017 with the news that China’s biggest exchanges has started charging a flat fee of 0.2% per transaction, in addition to blocking customer withdrawals.

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