HomeÚltimas NoticiasNoticias De bitcoinBitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions

Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions


In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment’s court victory against the United States Securities regulator.

On Aug. 29, Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application.

However, the SEC’s Aug. 31 decision to delay seven pending spot Bitcoin ETF applications sent Bitcoin’s price downward — falling nearly 5% in the 24 hours to 12 am UTC Sep. 1.

Cointelegraph Markets Pro data showed Bitcoin’s price at around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win.

BTC’s seven-day price chart shows its gains erased. Source: Cointelegraph Markets Pro

Spot Bitcoin ETF applications from BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity, along with a joint fund application by Invesco and Galaxy, were all delayed by the SEC.

The price decline came even though some experts, including Bloomberg ETF analysts Eric Balchunas and James Seyffart, had expected the delays to take place, .

The SEC’s delay gives it another 45 days to approve, deny or again delay the applications.

Related: When will it be too late to invest in Bitcoin?

The next decision deadlines for the ETF applications are between Oct. 16 and Oct. 19, though the SEC could choose to delay the decision again, up to around mid-March of next year, when it will be forced to make a decision.

However, Balchunas said on Aug. 30 that the probability of the SEC approving a spot Bitcoin ETF this year was 75% — up from an earlier prediction of 65%.

He pinned the probability hike on Grayscale’s court win saying the judge’s unanimous rejection of the SEC’s arguments means it “will struggle to justify further denials as it faces deadlines.”

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular