BlackRock Bitcoin ETF Filing, BTC Hits 3-Month Low: This Week’s Recap

Von | 17. Juni 2023

• This week the US SEC began a legal battle against Binance and Coinbase, leading to price drops for most crypto assets.
• BTC dropped to a three-month low after the Fed’s decision to halt interest rate hikes.
• Altcoins experienced massive price crashes by over 20% last Saturday.

Recent SEC Actions

The US Securities and Exchange Commission (SEC) started a legal battle against Binance and doubled down on its crackdown against large cryptocurrency exchanges by suing Coinbase the very next day. As expected, this unexpected news caused massive drops in prices for most digital assets. Despite some recovery at the end of the week, altcoins crashed by double digits during an intense weekend bloodbath last Saturday. BTC and ETH were spared to some extent, as they were not mentioned in the SEC’s filings.

Effect of Federal Reserve Decisions

After a relatively quiet week following Wednesday’s US CPI numbers and Thursday’s Fed decision to pause interest rate hikes, BTC slumped from $26K to just below $24K around Thursday evening – its lowest price position in three months. This sudden drop affected other major cryptos such as ETH which fell 4%. The overall market capitalization also decreased significantly from $853 billion to $792 billion due to this drop in prices over the weekend.

BlackRock Bitcoin Spot ETF Filing

Despite all these unfavorable events throughout this past week, there was still some positive news that came up – BlackRock filed for a Bitcoin spot exchange-traded fund (ETF) with the U.S Security and Exchange Commission on Tuesday this week looking forward for approval soon enough for investors so that they could gain access to an easier way into bitcoin investing without having to purchase it directly from exchanges or custodian services like Grayscale Investments’ GBTC trust product or its Digital Large Cap Fund (DLC).

Widespread Market Decline

The wide-spread market decline has had a huge impact on almost all cryptocurrencies including Ethereum Classic (ETC), NEO (NEO), Cardano (ADA), Zcash (ZEC) etc., which have all plummeted by more than 20% since last Friday. This led many traders and investors to be cautious about new investments in cryptocurrencies while others adopted strategies such as hedging their losses with futures contracts whose value decrease when prices go down – providing an opportunity for profits if they correctly timed their trades correctly when prices are expected to rise again soon enough once the market stabilizes again eventually .


The events of this past week have been quite tumultuous within cryptocurrency markets, leading major coins such as BTC crashing while other altcoins plummeted by more than 20%. While there is still some positive news coming out of these situations such as BlackRock’s filing for a Bitcoin spot ETF with the SEC, traders are urged caution when making any new investments until things stabilize again soon enough once all issues are resolved properly by involved parties like Binance & Coinbase with SEC among others eventually.