SEC returns ETF filings, Bitcoin price drops 6%.

Bitcoin (BTC) has dropped below $30,000 following the opening of Wall Street on June 30, causing panic in the markets due to concerns about the fate of its first spot exchange-traded funds (ETFs).

Bureaucratic error may explain Bitcoin ETF filing hiccup

Data from Cointelegraph Markets Pro and TradingView indicated that the BTC price experienced a rapid decline, briefly reaching $29,500.

This volatility followed a report that the United States Securities and Exchange Commission had rejected applications for the first Bitcoin spot-price ETF.

These applications had sparked the recent BTC price rebound, which had propelled the leading cryptocurrency to new yearly highs.

Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure

The Wall Street Journal reported, citing an anonymous source, that the applications had now been returned, causing BTC/USD to hit a nine-day low before recovering to around $30,000.

The original report detailed the specific reasons for the applications’ rejection, and market observers suggested that it amounted to little more than a technicality.

The WSJ stated that “the SEC told the exchanges that it returned the filings because they didn’t name the spot bitcoin exchange with which they are expected to have a ‘surveillance-sharing agreement’ or provide enough information about the details of those surveillance arrangements.”

“Asset managers can update the language and refile,” it added.

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

— Will Clemente (@WClementeIII) June 30, 2023

“This 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,” argued financial commentator Tedtalksmacro, presenting a more optimistic view.

Rate hike bets surge despite PCE data beating expectations

Nevertheless, Bitcoin is currently trading over $1,000 below its daily highs at the time of writing.

Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’

These losses come at a crucial time, with the monthly and quarterly candle close due in a matter of hours.

In separate news, macroeconomic data from the United States has further confused risk asset markets in general.

The Personal Consumption Expenditures (PCE) Index print came in lower than expected and experienced its largest drop in a year.

BREAKING: PCE inflation, the Fed’s preferred inflation metric, FALLS to 3.8%, below expectations of 4.6%. Core PCE inflation is now at 4.6%, also below expectations of 4.7%. This is the largest monthly drop this year. The Fed may finally be winning the fight against inflation.

— The Kobeissi Letter (@KobeissiLetter) June 30, 2023

Despite indications that inflation is slowing, markets began to anticipate a higher chance of interest rate hikes in July.

The latest data from CME Group’s FedWatch Tool puts the odds of a 25-basis-point hike at nearly 90%.

In response, financial commentary resource The Kobeissi Letter argued that inflation was still too high despite the result.

“Interest rate expectations are RISING after the release of PCE inflation data this morning. But why?” it questioned.

“Core PCE inflation, the Fed’s 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.”

Magazine: How smart people invest in dumb memecoins: 3-point plan for success

This is the title of an article in a magazine. It is about how intelligent individuals invest in memecoins that may not be considered wise investments. The article provides a three-point plan for achieving success in these types of investments.