Bitcoin’s value slid below the $30,000 mark as the Securities and Exchange Commission (SEC) signals an impending block on spot Bitcoin exchange-traded funds (ETFs), according to a report by the Wall Street Journal. This development comes amidst a flurry of spot ETF applications by numerous asset managers seeking broader market access to the cryptocurrency. Other asset managers such as Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie have also reactivated or amended their applications for a spot Bitcoin ETF. The SEC has consistently rejected such funds since 2017 due to concerns about vulnerability to fraud and market manipulation. At the same time, Nasdaq, the SEC, and representatives from BlackRock, Fidelity, Invesco, WisdomTree, and Ark Investment Management declined to comment.

Source: Wall Street Journal June 30, 2023 14:15 UTC