Crypto News– In a notable development, the price of the leading cryptocurrency Bitcoin has descended beneath the $28,000 per coin threshold today, marking the first instance of such a decline in nearly two months.
Bitcoin Dips Below 28,000 Dollars Mark, Marking Its Lowest Point in Two Months
As of the time of writing, the most prominent cryptocurrency based on market capitalization is trading at $27,765, reflecting a significant 24-hour drop of over 4%, according to data from CoinGecko.
Bitcoin had witnessed a remarkable surge to $31,000 back in June, a rally that was spurred by the submission of an application by BlackRock, the world’s largest asset manager, to the U.S. Securities and Exchange Commission (SEC) for the establishment of a Bitcoin exchange-traded fund. Subsequently, Bitcoin’s price remained relatively stagnant throughout July, only to experience a sharp downturn today.
Some analysts attribute this sell-off to the SEC’s deliberate pace in reviewing and approving the extensive roster of spot Bitcoin ETF applications. Wolfe Research, a sell-side research firm, indicated in a recent report that Bitcoin’s price might continue to experience downward pressure before rebounding once again if regulatory approval for a Bitcoin is granted. CNBC also reported that analysts foresee a potential affirmative response from the SEC to certain high-profile Bitcoin ETF applications that are presently under review.
Amidst the ongoing landscape of regulatory evaluations, market observers are closely monitoring the developments surrounding Bitcoin ETF applications, with a prevailing sentiment that regulatory endorsement of at least one Bitcoin ETF is a plausible outcome.
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