Bitcoin (BTC-USD) plunges by nearly 6% lower today as traders scale back their rate-cut bets following a hotter-than-anticipated inflation print.
This week, a bout of profit-taking has been exerting downward pressure on BTC over the past five sessions, with major tokens also displaying signs of weakness. While the SEC’s approval of spot BTC ETFs has fueled this year’s crypto rally, some lawmakers are cautioning SEC Chair, Gary Gensler against approving additional crypto ETFs.
Further Approvals Pending
Concerns remain that further approvals could expose investors to potential fraud and manipulation in the markets. This development lowers the possibility of an Ether (ETH-USD) ETF approval in May, as several Ether ETF applications are currently pending SEC approval. According to CoinTelegraph, Coinbase’s (NASDAQ:COIN) Chief Legal Officer, Paul Grewal, has made a case for the approvals. Grewal highlighted that the ETH spot market is “deep and liquid” and “only two S&P 500 stocks have higher notional dollar trading volume.”
Government Adoption & Opposition
Interestingly, it is not just individuals, crypto miners, or companies such as MicroStrategy (NASDAQ:MSTR) that are hoarding BTC. According to CoinDesk, El Salvador has created a Bitcoin piggybank of its own. The country recently moved BTC, worth over $400 million, to a cold wallet.
At the other end of the spectrum, Nigeria is entangled in a bitter feud with crypto exchange Binance (BNB-USD). The country has accused Binance of undermining its currency and has detained two senior Binance employees. Meanwhile, Bitcoin is hovering at around $67,800 at the time of writing.
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