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Published: Jun 30, 2023 5 min read

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Image of a bitcoin coin half hot and half cold
Money; Midjourney

This year has been a litmus test for the crypto market as it determines whether it can bounce back from a dismal 2022.

In June, bitcoin's price hit its highest point of the year thus far, topping out at around $31,200 per coin. But on Friday, bitcoin's price dipped below $30,000 once again before recovering some of the losses.

Much of the volatility is being attributed by market watchers to news that more traditional financial firms are looking for ways to be involved in the crypto market. Investment companies BlackRock and Fidelity both filed for spot bitcoin exchange-traded funds (ETFs) this month, coinciding with the start of a bitcoin rally that brought the coin’s price up by over $6,000 per coin.

But on Friday, The Wall Street Journal reported that the Securities and Exchange Commission (SEC) says those filings may not be adequate. Here's what investors need to know.