SEC steps in to spoil the crypto party with ETF rejections

Crypto Daily
Crypto Daily

30 Jun 2023 2:50 PM

Just as bitcoin was looking as though it was going to break the critical $31,000 price level, the SEC threw a wrench into the works with its rejection of the latest ETFs....

  • The SEC rejected all the latest ETF filings, causing a setback for the crypto market.
  • The Biden administration is determined to hinder the growth of the crypto industry.
  • Bitcoin and altcoins experienced a significant drop in value after the news.
  • Bitcoin reached the bottom of its bull flag but bounced back to around $30,200.
  • Altcoins, including Bitcoin Cash, also saw a sharp decline in value.
  • Bloomberg analyst Eric Balchunas believes the news may not be as bad as it seems.
  • The market is expected to react and potentially surge in the opposite direction.

The sentiment in the article is mostly negative, highlighting the setback caused by the SEC's rejection of ETF filings and the Biden administration's stance on the crypto industry. However, there is a hint of optimism regarding a potential market surge.

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