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
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.