After the SEC declared that previous filings to launch a spot Bitcoin ETF were insufficient, the price of Bitcoin surprisingly fell. Applications for spot Bitcoin ETFs have been made by companies including BlackRock and Fidelity, among others.
The U.S. Securities and Exchange Commission reportedly indicated that the registration of spot Bitcoin ETFs was insufficient since it informed the Nasdaq that recent filings by companies like BlackRock and Fidelity were not complete and unambiguous.
The SEC reportedly gave the materials back, according to the story. The news caused the market to fall within 30 minutes. According to Coinglass figures cited by Wu Blockchain, $84 million worth of cryptocurrency was liquidated in the prior hour.
In a couple of minutes, the news prompted the price of Bitcoin (BTC) to fall by $1,000, or more than 3%. Bitcoin hit a low of $29,503 before rising to its current price of over $30,000.
At the time of publication, Bitcoin has dropped in price by 1.78% in the previous day to $30,202.
Crypto expert Ali recently emphasised the significance of Bitcoin trading locations in a tweet. He emphasised the potential for Bitcoin to reach $35,000 if the price stays above.
A snapshot of IntoTheBlock data given by Ali shows that 1.84 million addresses purchased roughly 910,000 BTC between $29,930 and $30,800. This indicates that the major Bitcoin demand zone lies between $29,930 and $30,800.
“Bitcoin is once again above a reliable support. According to on-chain statistics, almost 910,000 BTC were purchased between $29,930 and $30,800 by 1.84 million addresses, Ali said.
He went on to say that with the absence of resistance up ahead, BTC has a decent possibility of moving towards $35,000 as long as it can maintain control over this demand zone.
According to IntoTheBlock, the increase in Bitcoin transaction fees over the previous quarter was four times more than it has been since the second quarter of 2021. In this quarter, there were $186 million in total Bitcoin fees, a 316% rise, according to a graphic published by IntoTheBlock.
