Bitcoin dips after SEC says recent ETF applications are inadequate

Bitcoin dips after the SEC reportedly says recent ETF applications from BlackRock and Fidelity are inadequate

, which filed the bitcoin ETF applications on behalf of BlackRock and Fidelity, that they weren't"sufficiently clear and comprehensive," according to the report, which cited people familiar with the matter.

On Friday, bitcoin had briefly dipped below $30,000 before rebounding, falling less than 2% and holding onto the $30,000 level, at $30,278. Since at least 2017, the SEC has been rejecting bitcoin ETF applications for various reasons, including the fear that they were vulnerable to fraud and market manipulation. However, the SEC has approved various ETFs that own bitcoin futures, not the underlying coin itself.

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