Bitcoin (BTC) price went on a considerable roller-coaster ride this week following its price briefly dropping down to $62,300 yesterday after peaking at an all-time high of around $68,950 on Wednesday.
<h2><strong>Bitcoin Price Briefly Downs to 9% from ATH</strong></h2>
Bitcoin (<a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="nofollow noopener">BTC</a>) started this week on a bullish note with an immediate price climb above $65,000. Driven mostly by inflation woes, its price went on to climb at an all-time high above $69,000 on Wednesday.

Unfortunately, that was only short-lived as its price took a beating with the digital asset later falling down to as low as $62,000 on Friday. That itself left over $700 million worth of leveraged long and short positions liquidated. It later consolidated around $65,000 for a while, and currently traded at around $63,851, down 2% in the past 24 hours.

The shakeout appeared to coincide with a lower turnout in the U.S. stock markets following the U.S. Department of Labor announcing that the Consumer Price Index (CPI) rose 6.2% in October compared to last year, which jumped to its highest level in three decades. With the S&amp;P 500 and Nasdaq reacting badly to the announcement, analysts say that this then influenced the crypto market as well.

Not only that, but Bitcoin's sharp dip also came after news that <a href="https://www.cryptoknowmics.com/news/crypto-market-loses-100-billion-in-a-day-as-bitcoin-falls-below-42000/">China Evergrande Group</a> had failed to pay some of its international investors interest payments on bonds the real estate giant issued.
<h2 class="post__title">SEC Rejects VanEck’s Spot Bitcoin ETF</h2>
Bitcoin’s brief retreat also comes following the announcement that the United States Securities and Exchange Commission (SEC) rejected asset manager <a href="https://www.cryptoknowmics.com/news/vaneck-proshares-want-to-withdraw-ether-etf-filings/">VanEck</a>’s spot Bitcoin exchange-traded fund. According to a Friday <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-93559.pdf" target="_blank" rel="nofollow noopener">filing</a>, the SEC rejected said any rule change in favor of approving the ETF would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”

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https://twitter.com/EricBalchunas/status/1459185858242875407

Bloomberg senior ETF analyst Eric Balchunas says that the regulatory agency was highly unlikely to approve the VanEck fund given its track record of denying offerings from investment firms with exposure to crypto.

Bitcoin (BTC) Price Briefly Retreats from All-Time High to $62,000

Bitcoin (BTC) price briefly dropped down to $62,300 yesterday after peaking at an all-time high of around $68,950 on Wednesday.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin (BTC) Price Briefly Retreats from All-Time High to $62,000

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