Bitcoin Sees Sharp Decline as SEC Delays ETF Applications Following Grayscale Win
Summary:
Bitcoin's price has suffered a significant decline, losing most of its gains following Grayscale Investment's legal victory against the SEC. The SEC's delay on various spot Bitcoin ETF applications has caused a drop of nearly 5% in Bitcoin's value. The decision deadlines for the ETF applications are slated for October, and the SEC has been given an additional 45 days to make a decision. Analysts are now predicting a 75% chance of the SEC approving a spot Bitcoin ETF this year.
Bitcoin (BTC) has experienced a significant decline in just a day, relinquishing most of the gains it made following Grayscale Investment's legal victory against the SEC. The recent delay by the SEC on several spot Bitcoin ETF applications has caused Bitcoin to drop by nearly 5% in the past 24 hours. The current price of Bitcoin, as per Cointelegraph Markets Pro data, is approximately $26,000, precipitously descending from the $27,300 level it had maintained after the Grayscale win. Furthermore, prominent investment firms like BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie, Fidelity, Invesco, and Galaxy, have also been subject to the SEC's delays on August 31. Despite some anticipations of these delays, the decline in Bitcoin's price has now erased the gains it had made during the Grayscale lawsuit. The SEC now has an additional 45 days to either approve, deny, or further delay the applications. The decision deadlines for the ETF applications are scheduled between October 16 and October 19, with the possibility of the SEC extending the decision until mid-March next year. Bloomberg ETF analysts have increased the likelihood of the SEC approving a spot Bitcoin ETF this year to 75%, citing Grayscale's court win as a factor that weakens the SEC's arguments for denial.
Published At
9/1/2023 12:20:07 AM
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