Bitcoins Sink Despite Winklevoss ETF

July 5, 2013 3:21 PM EDT
Traders are chatting about the more than 20% slide in the price of bitcoins since the Winklevoss twins filed their Winklevoss Bitcoin Trust ETF.

The move would seem counter intuitive as the ETF could create additional demand for bitcoin. That said, based on a Financial News interview with Tyler Winklevoss many questions remain, including SEC approval of such a vehicle.

In a question about SEC approval, Tyler stated: "It's the first-ever digital math-based asset ETP [exchange-traded product], so it represents a whole new frontier. We haven't talked with the SEC yet, but we think that, in this situation, they are likely to have more questions than they might for something that’s been done before."

The last price of bitcoin was $67.50

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