Bitcoin Plummets Amidst US SEC's Criticism of Spot ETF Applications 

Bitcoin Plummets to Under $30K From $31K As SEC Comments On ETF

The SEC officials have expressed dissatisfaction with the recent spot ETF applications

Considering ETF as inadequate in terms of clarity and completeness. 

The SEC has pointed out on BlackRock and Fidelity failed to provide clear and comprehensive information 

Particularly regarding the spot Bitcoin exchange they are associated with for surveillance sharing agreements. 

In response to the SEC's comments, the prices of various cryptocurrencies exhibited a bearish trend, with Bitcoin specifically dropping around 3%.

BlackRock and Fidelity will need to refile their ETF applications to address the regulator's concerns. 

The SEC's scrutiny of spot ETF applications reflects the cautious approach of regulators toward cryptocurrency