• Bitcoin (BTC) has broken above $31,000 earlier today.
• This is after the SEC reportedly issued a warning to all recent Spot BTC ETF filings, calling them “inadequate”.
• Other notable price gainers include Maker (MKR), Flexacoin (FXS), and LEO Token (LEO).
Bitcoin Breaks Above $31K
Bitcoin (BTC) has broken above $31,000 earlier today. After several days of sitting quietly, bitcoin finally went on the offensive and achieved this milestone. Most larger-cap altcoins have produced minor volatility in the past 24 hours, aside from Litecoin (LTC) and Bitcoin Cash (BCH), both of which are down by over 3%.
Warning from SEC
The surge came after the U.S Securities and Exchange Commission reportedly issued a warning to all recent Spot BTC ETF filings, calling them “inadequate” last week. This had an immediate effect on the cryptocurrency’s price, causing it to tumble by over $1,500 and fall to a 10-day low of $29,500 (on Bitstamp). However, that dip to sub-$30,000 levels was short-lived as the bulls drove it back up north by a grand.
Aside from Aptos Token (APT), other notable price gainers include Maker (MKR), Flexacoin (FXS), and LEO Token (LEO). These coins have seen significant growth in their respective prices since Friday’s drop in bitcoin’s value.
Outlook for BTC
With bitcoin now trading at around $30,500 for most of yesterday and Monday morning, it remains to be seen whether or not this positive momentum can be sustained throughout the week or if investors will push for another break out attempt towards new highs of $32k or higher. The coming days could provide more insight into where bitcoin is headed next in terms of price movements and volatility levels.
It appears that despite some short-term uncertainty following its dip below $30k on Friday night due to news from the SEC, bitcoin quickly regained its footing and continues its bullish trend as we enter into July 4th holiday weekend celebrations across the US. Investors should keep an eye out for any further developments regarding BlackRock’s ETF refiling as well as potential market movers such as MKR, FXS ,and LEO tokens which may prove beneficial when making investment decisions moving forward.