Last news
Bitcoin Price Drops As SEC Delays Bitcoin ETF Decision

Bitcoin Price Drops As SEC Delays Bitcoin ETF Decision


On 31 August, the US Securities and Exchange Commission rejected several Bitcoin ETF applications. As a result, the Bitcoin price keeps seeing a drop.

The SEC has delayed Spot Bitcoin ETF applications from BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity, as well as a joint application by Invesco and Galaxy. Companies can re-file in 45 days. The SEC might postpone the filings until March, when it will have to make a decision.

Amid the SEC's latest ruling, Bitcoin's price fell below $26,000, losing about 4% of its value. This price dynamic differs from how the major cryptocurrency reacted to Grayscale's victory in court against the SEC days earlier. At that time, Bitcoin rose to $28,000.

Source & Copyright TradingView

Grayscale's victory raised hopes that the regulator might ease its policy towards Bitcoin ETFs and accept the applications submitted. However, this did not happen.

Bitwise, which decided to withdraw its ETF application, acted unexpectedly. Perhaps the company is changing its strategy, having clarified in a statement to the SEC that the fund cannot guarantee the achievement of its clients' investment goals.

Bloomberg analyst Eric Balchunas said that the SEC will ultimately have no choice but to approve the applications. 

Despite the Bitcoin price's performance, the crypto community is hopeful that Spot Bitcoin ETF applications will be approved by the end of this year.

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


How useful is this article for you?
Thank you for your review!

Last news

Explore more

Bitcoin (BTC)


How to Buy Cryptocurrency?
How to Buy Bitcoin on eToro