July 2 (Cointime) - Bitcoin's price dropped by approximately 3% in a matter of minutes on Friday morning, falling from above $31,000 to briefly below $30,000. This sudden dip followed a report from the Wall Street Journal that the US Securities and Exchange Commission (SEC) had deemed the applications for a Bitcoin spot exchange-traded fund submitted by Nasdaq and Cboe on behalf of asset managers like BlackRock as "inadequate". The SEC said that the applications did not provide enough detail on surveillance-sharing agreements and the Bitcoin spot exchanges that the asset managers planned to partner with. Despite this setback, the SEC has said that the exchanges can update their applications and refile.