Hassan Maishera
TL;DR
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Bitcoin is struggling to maintain its value above the $30k level as the broader market sheds some gains.
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Investors continue to hold, but market analysts expect a slight market correction in the near term.
Bitcoin Holds Above $30k
The cryptocurrency market underperformed on the first day of the week, with the prices of most coins and tokens currently in the red zone.
Bitcoin, the leading cryptocurrency by market cap, is down by roughly 1% in the last 24 hours and is struggling to maintain its price above the $30k level.
The leading cryptocurrency dropped to its lowest level since late June, falling beneath $29,700 on Monday before rebounding to currently trade at $30,049 per coin.
Market analysts believe that BTC could continue to experience slight dips below $30k until the United States Securities and Exchange Commission ( SEC) decides to approve one of the numerous spot Bitcoin ETF applications submitted by financial giants, including BlackRock.
However, the SEC is always known for delaying its decisions beyond the initial 45-day period and will likely do the same this time around. The regulatory agency has also rejected all spot Bitcoin ETF applications filed in the past.
However, many in the industry believe that the SEC could approve one of the applications due to the nature of entities that entered the market in recent months.
Solana is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 5% of its value during that period. At press time, the total cryptocurrency market cap stands at $1.2 trillion, down by less than 1% today.
