Everyone's favorite cryptocurrency Bitcoin (BTC) , which has skyrocketed over 460% year-to-date, was giving back some of its gains during trading on Wednesday.
Shares of Bitcoin were falling over 4% to $5,370 during midday trading on Wednesday. The cryptocurrency was falling as much as 8% earlier in the day.
Wednesday's drop is being attributed to a report from The U.S. Commodity Futures Trading Commission, an organization devoted to fostering open, transparent, competitive, and financially sound markets.
The report, entitled "A CFTC Primer on Virtual Currencies," argues that as a commodity, virtual currencies including Bitcoin are subject to the oversight of the commission when they are applied "in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce."
The report marks increased scrutiny from U.S. regulators.
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