SEC rejects spot Bitcoin ETF?

As soon as the news came out, $BTC, which had already exceeded $31,000, fell immediately, falling more than 4% and falling below $30,000. Altcoins are bleeding like rivers.

The news is this, the SEC said that the recent application for #现货比特币ETF was insufficient. #SEC Notified Nasdaq and sCboe that the Bitcoin ETF application documents submitted by asset management companies such as BlackRock and Fidelity Investments are not clear and comprehensive enough. The SEC has returned the documents, and Cboe plans to update and refile them.

I think the market has overreacted and the incomplete documentation is just a technical issue, not a rejection of ETFs. BlackRock/Fidelity can reapply simply by updating the documents.

But I can feel how sensitive the market is to the news of Bitcoin spot ETF. A specious news can make the market panic. When it is really rejected, it will be really miserable. Fortunately, the results will not be released so early, allowing the market to rise first.