The price of the world's largest cryptocurrency by market capitalization slumped on Friday morning from above $31,000 to briefly below $30,000, dropping approximately 3% in a matter of minutes.
The sudden dip in Bitcoin follows a report from the Wall Street Journal that the U.S. Securities and Exchange Commission told the securities exchanges Nasdaq and Cboe that their applications for a Bitcoin spot exchange-traded fund, which they submitted on behalf of asset managers like BlackRock, were "inadequate."
