Bitcoin's price dipped below $31,000 Thursday, tumbling with global stocks amid hawkish minutes from the Federal Reserve and a hot jobs report that signaled further rate rises ahead.
The price of the world's largest crypto currency declined 0.6% to $30,285 at 1:13 p.m. in New York, according to CoinGecko.
Nexo co-founder Antoni Trenchev said that despite bitcoin's recent fall, institutional interest and a wave of new spot bitcoin ETF applications are continuing to fuel bullish behavior.
"It's tapping into the rhythm of institutional adoption and upcoming spot ETFs, with BlackRock leading the charge," Trenchev told The Block, adding that bullish comments from BlackRock CEO Larry Fink yesterday could start to incite more retail activity.
Craig Erlam, an analyst at Oanda, is taking a more cautious outlook and noted that there was still uncertainty as the U.S. Securities and Exchange Commission starts to process all the filings for spot bitcoin ETFs it's received over recent weeks. It has yet to approve a single one.
"I don’t think we can expect the SEC to back down just because bigger players are getting involved but it’s possible that the two can work together towards a solution in a manner that more traditional crypto firms may have otherwise struggled to," he told The Block.
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