Bitcoin Hovers Around $30k As Investors Contemplate ETF Approvals

TL;DR

• Bitcoin has been trading around the $30k region over the last 24 hours.

• Investors are currently contemplating the possibility of the SEC approving spot Bitcoin ETF applications.

Bitcoin Continues To Trade Around $30k

The world’s leading cryptocurrency by market cap has maintained its price around the $30k mark over the last 24 hours.

At press time, Bitcoin is trading at $29,996, down by less than 1% over the past few hours. The performance comes as investors continue to weigh the possibility of the SEC approving ETF applications.

BlackRock, the world’s leading asset management firm with more than $10 trillion in assets under management, applied for a Bitcoin ETF earlier this week. The move saw investors flock into the Bitcoin market as more institutional investors entered the market.

 Investors are also looking at macroeconomic data in the market as the Federal Reserve looks to take steps to curb inflation in the United States. The Fed left interest rates unchanged this month but could resume its hike again next month if the inflation figures failed to drop.

Solana is the worst performer amongst the top 10 cryptocurrencies by market cap, losing nearly 3% of its value over the last 24 hours.

The total cryptocurrency market cap now stands at $1.17 trillion, down by less than 1% so far today.