Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings
01 Setembro 2023 - 4:57AM
NEWSBTC
On August 29, flagship cryptocurrency Bitcoin soared to as high as
$28,000 following Grayscale’s victory. However, it has now lost
these gains as the US Securities and Exchange Commission (SEC)
chose to delay its decisions on seven Spot ETF applications.
Bitcoin Crashes Below $26,000 Bitcoin dropped by over 4% to $26,000
as the SEC extended the timeline to decide on the ETF applications
of BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and
Bitwise. Related Reading: Dogecoin And Bitcoin Become Latest
Additions To Robinhood Wallet This price action contrasts with when
the cryptocurrency had reacted positively to the news of
Grayscale’s victory, with the US Court of Appeals ruling in favor
of the asset manager against the Commission. Many had looked
forward to the SEC’s decision in these ETF applications following
Grayscale’s victory, hoping that the legal loss would have softened
the regulator into approving these applications. However,
Bloomberg ETF analyst Eric Balchunas had stated earlier that he
would not be “surprised” if the SEC delayed these applications.
According to him, these timelines may not matter as much as the SEC
is still likely to “give in” at some point, and we will eventually
see the approval of these applications. Following this
extension, the SEC will have another 45 days to review these
applications and choose whether to approve, deny, or delay its
decision. The regulator also has a maximum of 240 days to decide
whether or not to approve or disapprove these applications.
However, it has several key deadlines in between. BTC price falls
below $26,000 following SEC decision | Source: BTCUSD on
Tradingview.com What’s Next For BTC? Many have projected the
approval of a Spot Bitcoin ETF as one of the key events that could
spark a significant surge in Bitcoin’s price (as we saw how the
market reacted following Grayscale’s victory). However, the SEC’s
decision to delay these applications shows that it is not ready to
back down just yet, and there could be continued resistance to
approving a Spot Bitcoin ETF. While the approval of a Spot Bitcoin
ETF remains uncertain, Bitcoin may be hanging in the red throughout
this month. According to historical data, September has always been
known to be bearish for Bitcoin’s price as the digital asset has
closed in the red most times at the end of September. Related
Reading: FTX Sam Bankman-Fried’s October Trial Date No Longer A
Sure Thing Meanwhile, October seems more promising as there are
major days to watch as Bloomberg analyst James Seyffart noted that
the SEC’s next deadline for these ETF applications is in
October. Ethereum Futures ETFs are also expected to launch in
October, which could be a major boost for the market. Despite this,
analysts aren’t hopeful of Bitcoin hitting any new highs this year,
as one predicts that Bitcoin could consolidate between $25,000 and
$32,000 for the remainder of this year. I won’t be surprised to see
#Bitcoin consolidate between $25,000 – $32,000 for the remainder of
2023. pic.twitter.com/2BihBPZaCJ — Crypto Rover (@rovercrc) August
31, 2023 Featured image from iStock, chart from Tradingview.com
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