Bitcoin Plunges: Unraveling the Primary Cause

Bitcoin Plunges to $41,454 Amid Speculation of SEC Rejection

Bitcoin experienced a significant drop today, with its value plunging to an intraday low of $41,454 on the Bitstamp exchange. Market analysts attribute this sudden decline to speculations about the Securities and Exchange Commission (SEC) potentially rejecting several Bitcoin ETF proposals this month. Markus Thielen, an analyst at Matrixport, believes that recent applications might not meet the stringent criteria required for the SEC’s much-coveted nod. The widely expected listing of prominent Wall Street firms such as JPMorgan as authorized participants for potential Bitcoin-linked ETFs had fueled optimism for imminent approval. However, the looming possibility of a rejection has cast a shadow over these expectations.