Bitcoin (BTC<\/a>) fell below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first spot exchange-traded funds (ETFs).<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC price action hurtling downward, briefly reaching $29,500.<\/p>\n The volatility accompanied a report that United States regulator the Securities and Exchange Commission had refused applications for the first Bitcoin spot-price ETF.<\/p>\n Those applications had kickstarted the latest BTC price rebound, one which had taken the largest cryptocurrency to new yearly highs.<\/p>\n Related:\u00a0Why approving a Bitcoin ETF might unleash $18B in sell-pressure<\/a><\/em><\/strong><\/p>\n Claims<\/a> by The Wall Street Journal, which cited an unidentified source, that they had now been returned, saw BTC\/USD hit nine-day lows before rebounding to circle $30,000.<\/p>\n The original report outlined the specific circumstances of the applications\u2019 rejection, and reacting, market observers suggested that this amounted to little more than a technicality.<\/p>\n The WSJ stated that \u201cthe SEC told the exchanges that it returned the filings because they didn\u2019t name the spot bitcoin exchange with which they are expected to have a \u2018surveillance-sharing agreement\u2019 or provide enough information about the details of those surveillance arrangements.\u201d<\/p>\n \u201cAsset managers can update the language and refile,\u201d it added.<\/p>\n Think the market is overreacting here, seems like the “denial” is just a technicality and Blackrock\/Fidelity just have to refile naming Coinbase as the exchange that they have a “surveillance-sharing agreement” with<\/p>\n \u2014 Will Clemente (@WClementeIII) June 30, 2023<\/a><\/p><\/blockquote>\n \u201cThis could even be interpreted that the SEC are indicating to BlackRock, what they need to do, to get this across the line and approved… which is also positive,\u201d financial commentator Tedtalksmacro argued<\/a> in a more optimistic take.<\/p>\n Bitcoin nonetheless traded down over $1,000 versus the day’s highs at the time of writing.<\/p>\n Related:\u00a0Bitcoin speculators send 35K BTC to exchanges in new \u2018elation inflow\u2019<\/a><\/em><\/strong><\/p>\n Its losses come at a prescient time, with the monthly and quarterly candle close<\/a> due in a matter of hours.<\/p>\n Separately, U.S. macroeconomic data provided further confusion for risk asset markets more broadly.\u00a0<\/p>\n The Personal Consumption Expenditures (PCE) Index print came in lower than expected and even managed its biggest drop in a year.\u00a0<\/p>\n BREAKING: PCE inflation, the Fed\u2019s preferred inflation metric, FALLS to 3.8%, below expectations of 4.6%.<\/p>\n Core PCE inflation is now at 4.6%, also below expectations of 4.7%.<\/p>\n This is the largest monthly drop this year.<\/p>\n The Fed may finally be winning the fight against inflation.<\/p>\n \u2014 The Kobeissi Letter (@KobeissiLetter) June 30, 2023<\/a><\/p><\/blockquote>\n Despite signals that inflation is slowing, however, markets began to price in a bigger chance of interest rate hikes returning in July.<\/p>\n The latest data from CME Group\u2019s FedWatch Tool<\/a> put the odds of a 25-basis-point hike next at nearly 90%.<\/p>\n Responding, financial commentary resource The Kobeissi Letter argued that inflation was simply too high despite the result.<\/p>\n \u201cInterest rate expectations are RISING after the release of PCE inflation data this morning. But why?\u201d it queried<\/a>. <\/p>\n \u201cCore PCE inflation, the Fed\u2019s preferred inflation metric, is now UNCHANGED since December 2022. Core PCE inflation is now at 4.6% and still a major problem for the Fed.\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/ec162b86-1b34-4f30-ac53-467de433a8e1.png\")
Bureaucratic error may explain Bitcoin ETF filing hiccup<\/h2>\n
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Rate hike bets surge despite PCE data beating expectations<\/h2>\n
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