SEC’s Resistance to 7 Spot ETF Filings Triggers Bitcoin’s Freefall Below $26,000
Bitcoin experienced a drop in value after the US Securities and Exchange Commission (SEC) delayed its decisions on seven Spot Exchange-Traded Fund (ETF) applications. The cryptocurrency had previously surged to $28,000 following Grayscale’s legal victory against the SEC, but it has now lost these gains.
The SEC’s decision to delay the ETF applications of BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise caused Bitcoin to drop by over 4% to $26,000. Many had hoped that the SEC’s defeat in the Grayscale case would lead to the approval of these applications, but Bloomberg ETF analyst Eric Balchunas had predicted the possibility of a delay.
The SEC now has 45 more days to review the applications and make a decision. It also has a maximum of 240 days to approve or disapprove them. However, there are several key deadlines within this timeline.
The approval of a Spot Bitcoin ETF has been anticipated as a catalyst for a significant price surge in Bitcoin. However, the SEC’s decision to delay these applications suggests that the regulator is not yet willing to approve a Spot Bitcoin ETF.
In terms of Bitcoin’s future, it is expected that the cryptocurrency may continue to decline throughout September. Historical data shows that September has often been a bearish month for Bitcoin’s price. However, October has the potential for more positive developments. The SEC has a next deadline for the ETF applications in October, and Ethereum Futures ETFs are also expected to launch during that month, which could have a positive impact on the Market.
Despite these potential positive developments, analysts do not expect Bitcoin to reach new highs this year. One analyst predicts that Bitcoin may consolidate between $25,000 and $32,000 for the remainder of the year.
In conclusion, Bitcoin has experienced a drop in value after the SEC decided to delay its decision on seven Spot ETF applications. The approval of a Spot Bitcoin ETF has been seen as a catalyst for a price surge, but the SEC’s hesitation suggests continued resistance to approving such an ETF. September is historically a bearish month for Bitcoin, but October holds promise with upcoming deadlines and the launch of Ethereum Futures ETFs. However, analysts do not expect Bitcoin to reach new highs this year and predict consolidation within a certain price range..
#Bitcoin #Price #Crashes #SEC #Pushes #Spot #ETF #Filings
Bitcoin experienced a drop in value after the US Securities and Exchange Commission (SEC) delayed its decisions on seven Spot Exchange-Traded Fund (ETF) applications. The cryptocurrency had previously surged to $28,000 following Grayscale’s legal victory against the SEC, but it has now lost these gains.
The SEC’s decision to delay the ETF applications of BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise caused Bitcoin to drop by over 4% to $26,000. Many had hoped that the SEC’s defeat in the Grayscale case would lead to the approval of these applications, but Bloomberg ETF analyst Eric Balchunas had predicted the possibility of a delay.
The SEC now has 45 more days to review the applications and make a decision. It also has a maximum of 240 days to approve or disapprove them. However, there are several key deadlines within this timeline.
The approval of a Spot Bitcoin ETF has been anticipated as a catalyst for a significant price surge in Bitcoin. However, the SEC’s decision to delay these applications suggests that the regulator is not yet willing to approve a Spot Bitcoin ETF.
In terms of Bitcoin’s future, it is expected that the cryptocurrency may continue to decline throughout September. Historical data shows that September has often been a bearish month for Bitcoin’s price. However, October has the potential for more positive developments. The SEC has a next deadline for the ETF applications in October, and Ethereum Futures ETFs are also expected to launch during that month, which could have a positive impact on the Market.
Despite these potential positive developments, analysts do not expect Bitcoin to reach new highs this year. One analyst predicts that Bitcoin may consolidate between $25,000 and $32,000 for the remainder of the year.
In conclusion, Bitcoin has experienced a drop in value after the SEC decided to delay its decision on seven Spot ETF applications. The approval of a Spot Bitcoin ETF has been seen as a catalyst for a price surge, but the SEC’s hesitation suggests continued resistance to approving such an ETF. September is historically a bearish month for Bitcoin, but October holds promise with upcoming deadlines and the launch of Ethereum Futures ETFs. However, analysts do not expect Bitcoin to reach new highs this year and predict consolidation within a certain price range..
#Bitcoin #Price #Crashes #SEC #Pushes #Spot #ETF #Filings
