>> The price of BitCoin plunged more than $200 today after a US regulator said they would not allow a new ETF tracking of digital asset. I'm Trevor Honeycut, Reuters investment correspondent. US regulators said they would not allow the new ETF after looking at it and deciding that it was not in the best interest of consumers, and that there could be a number of risks involved.
The ETF was proposed by the Winklevoss twins who are known for their connection to the founding of Facebook, and US regulators after four years said that they would not allow this new ETF to trade just yet. Bitcoin is a digital asset, it's not controlled by a bank or a central government, and people were hoping that if it made, it became an exchange-traded fund, that more investors would trade it, and its price would go up.
Early investors in Bitcoin have included speculators, it's included merchants, it's even included Las Vegas strip clubs. So early investors have seen the price of the BitCoin that they hold fall tremendously in terms of it's value in other currencies like the US dollar. And right now the question is if this is a buying opportunity or if BitCoin has lost its mojo.