Bitcoin Wobbles Around $30K: SEC-ETF Rejection Rumors Emerge

Von | 1. Juli 2023

• The cryptocurrency market rejoiced recently as several multinational financial giants filed for a Bitcoin Spot ETF, but the tides could be turning now.
• MicroStrategy bought more BTC despite SEC-ETF rejection rumors and the price of Bitcoin wobbled around $30K during the week.
• BCH was the top performer within the top 100 crypto assets for the past week after its triple-digit price surge.

The Impact of BlackRock’s File

The market rejoiced recently when BlackRock, world’s largest asset manager, filed an application to release a BTC Spot ETF in the States, making it the first such product greenlighted by the SEC. This had immediate consequences as ARK Invest changed its own application to copy that of BlackRock, while Fidelity reapplied less than a week later. As a result, BTC skyrocketed from $26,500 last week to roughly $31,000 earlier today.

SEC-ETF Rejection Rumors

However, a Wall Street Journal report emerged on Friday claiming that the SEC found the recent filings “inadequate” which prompted speculation that they could be rejected as with all previous ones. Thus far there has been no confirmation from both sides regarding this report so investors should remain cautious and keep monitoring news for further development in case these rumors become reality or not.

MicroStrategy Buys More BTC

Despite these potential rejections coming from SEC, MicroStrategy continued buying more bitcoins as part of its treasury strategy and announced it had purchased more than 19k additional coins at an average price of $32k per coin worth around $604 million in total on June 10th 2021. It is notable too that this firm has now bought over 90k BTC since Q3 2020 along with other large corporations such as Tesla and Square who have also made big bets on bitcoin over recent months too.

BCH Top Performer

BCH was the top performer within the top 100 crypto assets for past weeks following a triple digit price surge according to Coinmarketcap data reaching nearly double digits gains against USDT trading pairs at one point compared to few days ago where most digital assets including ETH were down in red figures except BCH which was still up by 0.6% versus USDT at press time.

Conclusion

To sum up this week’s recap of crypto news and events; despite SEC-ETF rejection rumors being published by WSJ report early Friday morning, cryptocurrencies were overall stable over past days mainly led by BCH performance within top 100 cryptos while also having witnessed how bitcoin was able to sustain above 30k level after having seen such reports of potential negative news ahead with impact yet unknown regarding its future regulations and adoption plans in U.S markets which are expectant as well as hopeful given current bullish sentiment across board among investors community worldwide..