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The application meant to list the asset on the Bats exchange, which is owned by CBOE Holdings Inc. At one point, one bitcoin was worth more than an ounce of gold. It last traded down 7.8 percent to US$1098.

While many observers predicted a surge in bitcoin's price if the ETF was approved, Fortune writer Jen Wieczner pointed out that investors in the Winklevoss ETF would not have captured the surge because the ETF was created to calibrate the value of the invested bitcoin once a day, Monday through Friday, at 4 p.m. on the Winklevoss Gemini Exchange. As this number grows and bitcoin becomes more readily accessible to individual investors who previously had no exposure to it, we can't help but believe the price is going to continue to go up. Having said that, the commission noted that because significant markets for Bitcoin are unregulated, the exchange wouldn't be able to perform sufficient surveillance. They've stated that the unregulated nature of the Bitcoin market posed an immediate threat to its trading.

"We began this journey nearly four years ago, and are determined to see it through", Tyler Winklevoss, CFO of Digital Asset Services, said. "We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors", he said.

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The project, called "Coin", had been the brainchild of entrepreneurs Tyler and Cameron Winklevoss, who gained notoriety after suing Mark Zuckerberg over the idea for Facebook. The former Olympic rowers ultimately settled their legal dispute, which was dramatised in the 2010 film The Social Network. Will the digital currency community win on March 13? Bitcoin advocates have lauded the decentralization - meaning no one agency has control over it - claiming that the digital money isa great alternative for anyone tired of a central banking system. Meanwhile the major bitcoin markets, the SEC notes, are now located outside of U.S. jurisdiction.

The decision immediately sent the price of the crypto-currency down 14 percent, to about $1,022.68 after the decision, which came shortly after the market closed.

A Bats spokeswoman said the exchange was reviewing the SEC's statement and had no further comment. The SEC said in its analysis that the exchanges are susceptible to "fraudulent or manipulative acts and practices". "We always viewed the potential for the ETF as a low-probability event that would only accelerate and de-risk the trajectory that bitcoin has already been on over the past 8 years".

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