Bitcoin Dumps Below $30K as SEC Warns That Recent BTC Spot ETF Filings Are 'Inadequate' (WSJ)

CryptoPotato
CryptoPotato

30 Jun 2023 2:11 PM

Shortly after the news broke, BTC dropped to a 10-day low under $30,000....

  • The US Securities and Exchange Commission (SEC) has issued a warning about the lack of comprehensive details in recent Bitcoin Spot ETF filings by financial giants like Fidelity and BlackRock.
  • The SEC has a history of rejecting such products in the US, and its current stance on cryptocurrencies may not be favorable.
  • BlackRock recently filed to launch a Bitcoin Spot ETF, which would be the first of its kind in the country if approved.
  • Fidelity also reapplied for a Bitcoin Spot ETF after BlackRock's filing.
  • However, a report by the Wall Street Journal suggests that the SEC is not inclined to approve either of these applications, citing insufficient clarity and comprehensiveness.
  • This news led to a sharp price drop in Bitcoin, with the cryptocurrency falling to a 10-day low of under $30,000.

The sentiment in this article is negative due to the SEC's warning and potential rejection of the Bitcoin Spot ETF filings by Fidelity and BlackRock, leading to a price drop in Bitcoin.

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You May Ask

What warning did the US Securities and Exchange Commission issue regarding Bitcoin Spot ETF filings?Which financial giants filed for Bitcoin Spot ETFs in the US?What is the SEC's history with rejecting such products?How did the news of the SEC's stance on the ETF applications impact the price of Bitcoin?What was the price of Bitcoin after the price drop mentioned in the article?

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