Bitcoin Prices: Bitcoin fell to its lowest price since late June, dipping below $29,700 before regaining some value.
Key Insights: Jarek Jakubcek, who heads law enforcement training at Binance, works to fight global crypto scams. He does this by training law enforcement on how to identify them.
Bitcoin Recovers to $30K After Dip
Bitcoin’s price fell to $29,769 on Monday, its lowest since late June, as the positive momentum from Ripple’s legal victory against the SEC faded. However, the largest cryptocurrency by market cap soon regained some ground, recently trading around $30,130, roughly flat over 24 hours.
Bitcoin had surged past $31,700 last week after a judge ruled Ripple’s XRP token sales were not securities. But analysts say Bitcoin may continue experiencing dips below $30k until the SEC decides whether to approve a Spot Bitcoin ETF, something it has rejected in the past.
In June, financial giants like BlackRock applied for Spot Bitcoin ETFs, sparking a crypto price jump. However, the SEC is unlikely to decide for months as it gathers information.
There remains a focus on US ETF approval as a potential catalyst. But optimism is limited until there are further updates that regulators will approve a Bitcoin ETF, according to Edward Moya of Oanda. For now, Bitcoin appears stuck in the $29k-$32k range that has defined the past month.
Moya said we may continue to see volatility in Bitcoin’s price until the SEC provides a firm decision on a Spot Bitcoin ETF approval.
Ether, the second largest cryptocurrency, was trading around $1,913, down slightly from Sunday but well off last week’s highs above $2,000. Other major cryptocurrencies that had surged last week also pulled back slightly on Monday before recovering a bit. XRP and ADA were down 1.5% and 0.6%, while SOL lost over 2.8%.
Equity markets edged up following encouraging bank earnings last week, with Nasdaq and S&P 500 rising 0.9% and 0.3% respectively. More bank earnings from Bank of America and Goldman Sachs are expected this week.
Moya noted some progress for crypto firms finding banks to facilitate transactions, with Customers Bancorp emerging as an option after issues at Signature Bank and Silvergate Capital Corp.
He added Bitcoin may continue ranging between $29,500 and $31,500 until another major headline emerges.
