The price of Bitcoin has experienced a major surge, followed by a crash, as traders await the decision of the US Securities and Exchange Commission on the proposed Winklevoss exchange-traded fund (ETF).

At this time of writing it is unknown if the spike is down to a decision on the proposal being leaked. The price hit $1,327 just before 15:00 GMT, an increase of more than $120 in one go. Since that spike it has since fallen down to $1,262.

Saturday sees the deadline for the SEC’s decision on the Winklevoss ETF expire. Officials from the US Securities and Exchange Commission (SEC) met with the twins on 14th February to go over their proposal.

An approved ETF would make trading much easier for small-time operators and institutions and would give the cryptocurrency an extra boost at a time when it is already experiencing historic levels of growth and stability.

The Winklevoss ETF is one of three Bitcoin vehicles aiming for approval, joining the Bitcoin Investment Trust and the SolidX Bitcoin Trust. If the SEC reject the proposal, one of the other Bitcoin ETFs could gain an upper hand, reacting to the concerns of the regulatory body and improving their services.

Read more: Bitcoin price tops $1,210 as steady rise continues

See also: Infographic – Bitcoin’s biggest crashes

Related: Credit Suisse beats on Bitcoin with volatility and complexity claims

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: