- The cryptocurrency market continued to consolidate on Thursday as a quiet day on the news front provided traders with little motivation to actively trade the market. The countdown for the SEC’s ruling on the recent spot Bitcoin exchange-traded fund applications has officially begun, but the regulator has up to 240 days to make its final decision.
“Stalling at about $30,000 amid hype about potential for an ETF launch and the seemingly unstoppable stock market, a Bitcoin pause may signal bigger economic issues,” McGlone tweeted on Thursday. He added that the spike in BTC price following the ETF applications was possibly the result of short-covering and said the U.S. economy still faces significant headwinds.
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