The SEC said the Bitcoin ETF application was “insufficient,” but Bitcoin is not giving up hope.
Bitcoin (BTC) and Ethereum (ETH) are both doing well, though the market is quiet as the US will be on holiday for Independence Day on Tuesday the 4th.
Bitcoin started the week at $30,654 on Monday, according to CoinDesk data. Ethereum at $1938. According to CoinDesk Indicies’ Bitcoin Trend Indicator (BTI), Bitcoin is in a “significant uptrend.”
The SEC (U.S. Securities and Exchange Commission) said on the 30th that the current Bitcoin ETF (Exchange Traded Fund) application was “insufficient,” and bitcoin fell temporarily. Some applicants re-applied, specifying US cryptocurrency trading giant Coinbase as a partner in the “surveillance sharing agreement.”
BitBull Capital CEO Joe DiPasquale believes Bitcoin could test support between $27,000 and $29,000, a move that could lead to further declines for altcoins. said it was likely.
“Earlier, we emphasized that it would be good for the market for Bitcoin to stay above $30,000. Some of the highlighted sentiment has shifted towards altcoins, and market participants would do well to keep their eyes on the continuation of the upward momentum.”
June 4th is a holiday in the US this week, but June FOMC minutes will be released on the 5th, giving many hints as to what the Fed thinks about the next rate hike. .
Traders will no doubt be balancing these developments with news about the SEC’s next move on Bitcoin ETFs.
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: First Mover Asia: Bitcoin Maintains $30K as Prospective Issuers Refile ETF Applications