Bitcoin ‘overreacting’ as SEC returns ETF filings, BTC price dives 6%

BREAKING: PCE inflation, the Feds preferred inflation metric, FALLS to 3.8%, listed below expectations of 4.6%. Core PCE inflation is now at 4.6%, also listed below expectations of 4.7%. This is the biggest month-to-month drop this year.The Fed may finally be winning the battle versus inflation.

Despite signals that inflation is slowing, however, markets started to rate in a bigger chance of interest rate walkings returning in July.The newest information from CME Groups FedWatch Tool put the odds of a 25-basis-point walking next at nearly 90%. “Core PCE inflation, the Feds preferred inflation metric, is now UNCHANGED because December 2022. Core PCE inflation is now at 4.6% and still a significant problem for the Fed.

Bitcoin (BTC) fell listed below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first area exchange-traded funds (ETFs). BTC/USD 1-hour chart. Source: TradingViewBureaucratic error might explain Bitcoin ETF filing hiccupData from Cointelegraph Markets Pro and TradingView revealed BTC price action speeding downward, briefly reaching $29,500. The volatility accompanied a report that United States regulator the Securities and Exchange Commission had declined applications for the first Bitcoin spot-price ETF.Those applications had actually started the most current BTC rate rebound, one which had taken the biggest cryptocurrency to new yearly highs.Related: Why approving a Bitcoin ETF may release $18B in sell-pressureClaims by The Wall Street Journal, which cited an unknown source, that they had now been returned, saw BTC/USD hit nine-day lows before rebounding to circle $30,000. The initial report laid out the specific circumstances of the applications rejection, and responding, market observers recommended that this totaled up to little more than a technicality.The WSJ specified that “the SEC informed the exchanges that it returned the filings because they didnt call the spot bitcoin exchange with which they are expected to have a surveillance-sharing agreement or supply enough info about the details of those security plans.”” Asset supervisors can update the language and refile,” it added.Think the market is overreacting here, appears like the “rejection” is simply a technicality and Blackrock/Fidelity just have to refile calling Coinbase as the exchange that they have a “surveillance-sharing arrangement” with– Will Clemente (@WClementeIII) June 30, 2023

Bitcoin (BTC) fell below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first area exchange-traded funds (ETFs).” Asset managers can upgrade the language and refile,” it added.Think the market is overreacting here, appears like the “denial” is simply a technicality and Blackrock/Fidelity simply have to refile naming Coinbase as the exchange that they have a “surveillance-sharing contract” with– Will Clemente (@WClementeIII) June 30, 2023

BREAKING: PCE inflation, the Feds favored inflation metric, FALLS to 3.8%, below expectations of 4.6%. Regardless of signals that inflation is slowing, however, markets began to rate in a larger possibility of interest rate hikes returning in July.The most current data from CME Groups FedWatch Tool put the chances of a 25-basis-point walking next at nearly 90%.