BTC Tumbles; SEC Picks Blip In Spot BTC ETF Filing
By Laxmikant Khanvilkar
The U.S. Securities and Exchange Commission (ETF) said recent filings to launch a spot bitcoin ETF are inadequate, reported the WSJ, citing sources close to the matter.
The news sent the price of bitcoin plunging by $1,000, or more than 3%, in the space of a few minutes. Bitcoin was trading around $30 455.
According to the story, the SEC has informed Nasdaq and CBOE – the exchanges that filed the spot ETF paperwork for several of the asset managers, including BlackRock (BLK) and Fidelity – that the applications aren’t sufficiently clear and comprehensive.
The SEC said in previous ETF rejection orders that the sponsor of a bitcoin trust would have to enter a surveillance-sharing agreement with a regulated market of significant size.
Ether, the second largest cryptocurrency, was trading around $1930, up by 4.6% in the last twenty four hours.
The global crypto market cap is $1.19T, a 1.70% increase over the last day. The total crypto market volume over the last 24 hours is $64.22B, which makes a 112.86% increase. The total volume in DeFi is currently $3.9B, 6.07% of the total crypto market 24-hour volume. The volume of all stable coins is now $58.18B, which is 90.59% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.51%, a decrease of 0.85% over the day.
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