Bitcoin (BTC) Price Plummeted in the Last Hour: This Is Most Likely the Reason

There has been a decrease of approximately 3% in the Bitcoin price in the last hour. The source of the decline is questioned by the cryptocurrency community.

The Fall May Be Sourced from Bloomberg Analyst Backing Off His Bet That Bitcoin Spot ETFs Will Be Approved This Week

The statements of Bloomberg Analyst James Seyffart are blamed for the source of the decline. In his previous statement, Seyffart said that Bitcoin Spot ETFs could be approved this week, and although this was not the only factor, it helped BTC to reach the $ 38,000 limit.

At the time of writing, BTC price has recovered after falling below $35,000 and is trading at approximately $35,400.

In his last statement, Seyffart pointed out that three of the Bitcoin Spot ETF applications are approaching the date when the SEC must decide whether to reject, accept or postpone.

The SEC has until Friday, November 17 for the Hashdex and Franklin Bitcoin ETFs, and until Tuesday, November 21 for the Global X Bitcoin Trust product.

Contrary to his previous statements, Seyffart stated this week that he no longer expected approval and said that the decisions would most likely be postponed. However, Bloomberg underlined that analysts continue to think there is a 90% chance of approval of Bitcoin Spot ETFs by January 10.

Another analyst, Nate Geraci, reminded Seyffart of his old statements after these statements and asked whether approval would come this week. Seyffart said approval would either come around Jan. 10, or if the idea that all approvals would come together turns out to be false, the other nine applicant companies could be approved in the coming months.

He argued that as another option, all applications could be rejected.

*This is not investment advice.