Crypto News LIVE Updates: Former SEC Official Takes Dig At Spot Bitcoin ETF Applicants

Crypto News LIVE Updates: Last week, the SEC issued a “fear of missing out” warning to the broader public. The warning comes at a time when the spot Bitcoin ETF buzz has lifted the global crypto market cap this month. The US securities watchdog believes that even if such a product was approved, it doesn’t necessarily mean everybody should dip their toes in it.

As investors grew nervous about Bitcoin ETFs, a former SEC official took a swipe at the spot Bitcoin ETF applicants, calling them “opportunistic cartels” that are generating hype around a product with zero inherent value. Note that several financial giants, including the likes of BlackRock and Grayscale Investments, have made a beeline to offer spot Bitcoin products.

Meanwhile, the global crypto market tumbled over 1.2% in the past 24 hours to $1.63 trillion. Bitcoin’s price had dropped below $43,310 in the early morning, but the OG cryptocurrency has since pared some losses. BTC price currently stands at $43,857, down 0.2% over the last 24 hours. At press time, all top cryptocurrencies by market cap were trading in the red, except Tether (USDT) and USDC.