The world's largest cryptocurrency jumped back above $8,200 Friday after falling sharply following news that U.S. regulators denied an application by Cameron and Tyler Winklevoss for the first-ever bitcoin ETF.
Bitcoin dropped to a low of $7,798.70 Friday morning, about 6 percent below where it was trading before the news Thursday evening, according to data from CoinDesk. Hours later, it recovered to $8,211.87 as of 3:52 p.m. ET. The cryptocurrency had jumped to a two-month high earlier this week, partially on rumors of a looming exchange-traded fund approval.
This had been the second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list a cryptocurrency ETF on a regulated exchange. The Securities and Exchange Commission has yet to approve a bitcoin-based exchange traded fund, and on Thursday highlighted security, market manipulation and investor protection issues.