Bitcoin Drops 4% as More ETFs Get Rejected, Did Market Overreact?

Over the past 24 hours, the crypto market has dropped slightly in value, led by the 4 percent decline in the Bitcoin price. Ethereum, Ripple, and Bitcoin Cash fell by 5 percent. The majority of analysts in the space have attributed the recent fall in the Bitcoin price to the rejection of several Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Almost immediately after the decision of the US SEC was released, the Bitcoin price dropped from $6,400 to $6,250. But, the market rebounded relatively quickly…