Two reasons why Bitcoin took a plunge this afternoon

Trolling around and looking for reasons behind the latest downside move in Bitcoin one sees come headlines that might have started the ball rolling. Comments earlier from a leading private equity investor, Chris Flowers (Head of JC Flowers) described Bitcoin as a laughable medium for payments, citing it as being too slow and too expensive for transactions. To be fair to him he does have a point. These remarks, although reported earlier today might have played a role in the downside move in BTC which is still unfolding. A short while ago the lead coin dropped to a session low and week low at 62,311. The other more likely reason is the news that apparently the US SEC has rejected approving the launch of the VanEck Bitcoin backed ETF. It is surely that news which is the main reason for the sell off. It has bounced a little now, but it is far from out of the woods. Bitcoin is currently trading at 62,750