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Bitcoin briefly falls below $30,000 as SEC says spot Bitcoin ETF filings are insufficient

  • The Bitcoin price reacted sharply to the news that the SEC had said that the Bitcoin ETF’s filings were insufficient.
  • The SEC had reportedly returned the filed documents to BlackRock, Fidelity.
  • However, BTC recovered above $30,000 as more details emerged.

Bitcoin briefly crashed to below $30,000 within minutes on Friday as the US Securities and Exchange Commission (SEC) reportedly told Nasdaq and Cboe that it recently applied to bitcoin ETFs from BlackRock, Fidelity and other Wall Street -giants were “not clear and comprehensive.”

The regulator has reportedly returned the ETF documents.

Market reaction to the initial news from the Wall Street Journal was swift, with Bitcoin falling to $29,790 and Ethereum below $1,840.

Aaffected by the news, the market crashed within 30 minutes. BTC once fell more than 5% to below $30,000, ETH fell more than 4%, and BCH and COMP, which had a big rise today, fell more than 10%. Coinglass data shows that in the last 1 hour, the liquidation of the entire network exceeded 84 million US dollars,” tweeted Blockchain news reporter Colin Wu.

See also  Binance.US Initiates Lawsuit Alleging SEC's Misleading Statements

However, as it was reported that BlackRock and other asset managers just needed to fill their applications correctly, Bitcoin moved back above $30k. Cryptanalyst Will Clemente noted:

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