Bitcoin prices fell sharply after the US Securities and Exchange Commission shot down a bid to list a bitcoin exchange-traded fund (ETF).

The digital currency’s price fell to as little as $1,022.68 at 21:00 UTC, the lowest since roughly mid-February, according to the CoinDesk Bitcoin Price Index (BPI). This figure represents a nearly 30% decline from the all-time high of $1,325.81 that bitcoin prices reached earlier in the session.

At the time of report, bitcoin prices have recovered above the $1,100 line, hitting $1,109.06 at press time.

The digital currency’s sharp price fluctuations took place amid robust trading volume, as major exchanges including Bitfinex and Kraken experienced a large increase in transaction activity during the session.

Market participants traded 46.4k and 22.8k BTC through these exchanges in the 24 hours leading up to roughly 21:30 UTC, compared to an average of 26.7k and 13.9k that went through these exchanges during sessions over the past week, Bitcoinity data reveals.

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