Bitcoin's value dropped below $31,000 on Thursday, following a decline in global stocks due to the hawkish minutes from the Federal Reserve and a strong jobs report that indicated further rate hikes.
According to CoinGecko, the world's largest cryptocurrency fell 0.6% to $30,285 at 1:13 p.m. in New York. Despite the recent drop, Nexo co-founder Antoni Trenchev believes that institutional interest and a slew of new spot bitcoin ETF applications are driving bullish behavior.
However, Craig Erlam, an analyst at Oanda, is taking a more cautious approach and believes that there is still uncertainty as the U.S. Securities and Exchange Commission processes the filings for spot bitcoin ETFs.
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