On Monday, July 17, Bitcoin (BTC) and the broader cryptocurrency market witnessed some volatility taking a dip under $30,000 for the first time in a few weeks. However, this was short-lived as the BTC price made a bounceback and is currently trading at $30,049 with a market cap of $583 billion.
Bitcoin, and the broader cryptocurrency market, have seen some pullback since the rally and big gains last Thursday. Bitcoin surged above $31,700 last Thursday following a court ruling that stated Ripple’s sale of XRP tokens was not considered an investment contract.
However, analysts predict that Bitcoin might encounter occasional drops below this level until the SEC makes a decision on approving spot Bitcoin ETF applications submitted by financial institutions like BlackRock. The filing of these applications in mid-June contributed to a significant increase in BTC and other cryptocurrencies as investors sought a potential price catalyst.
Given the SEC’s historical pattern of slow decision-making, it is unlikely that the agency will act swiftly on the spot BTC applications. In the past, the SEC has taken several months to make decisions and has rejected similar applications. Currently, the agency is in the process of gathering information and uating the proposals, indicating that it will take some time before any action is taken. Edward Moya, senior market analyst for foreign exchange market maker Oanda, told CoinDesk:
