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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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.