Bitcoin Plummets Below $30K After SEC Rules Spot Bitcoin ETF Filings Inadequate


When news from the US Securities and Exchange Commission (SEC) hit that recently filed spot Bitcoin ETFs from companies such as BlackRock, Fidelity and Nasdaq were not clear and comprehensive, the markets reacted swiftly. Bitcoin dropped to $29,790 and Ethereum to below $1,840 in just minutes.

According to the Wall Street Journal, the SEC had stated that the filings were insufficient and had returned the documents. Blockchain news reporter Colin Wu tweeted that the liquidation of the entire network exceeded $84 million in the past hour.

However, when more details emerged, Bitcoin recovered over $30k. Crypto Analyst Will Clemente noted that it seemed the market had overreacted, as BlackRock and Fidelity only needed to correct their applications and file a new naming the exchange.

The news was a reminder of how powerful the forces of nature are in the cryptocurrency world, and how quickly the markets can react.

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