Bitcoin’s price has dropped nearly 5% in the last 24 hours, falling from around $27,300 to around $26,000, after the US Securities and Exchange Commission (SEC) delayed seven pending spot Bitcoin ETF applications. The SEC’s delay allows it another 45 days to approve, deny or again delay the applications, with the next decision deadlines between October 16 and October 19. Bloomberg ETF analysts Eric Balchunas and James Seyffart had expected the delays to take place, and Balchunas has since increased his probability of the SEC approving a spot Bitcoin ETF this year from 65% to 75%, citing the judge’s unanimous rejection of the SEC’s arguments in Grayscale Investment’s court victory against the regulator.
The price decline came despite the earlier win for Grayscale Investment, which had seen Bitcoin pop to a two-week high on August 29. BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity, along with the joint fund by Invesco and Galaxy, were all delayed by the SEC on August 31. The SEC can also choose to delay its decision up to around mid-March next year, when it will be forced to make a decision.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | James Seyffart, Eric Balchunas |
| Companies | Bitwise, Securities and Exchange Commission, Valkyrie, Invesco, WisdomTree, Cointelegraph Markets Pro, Grayscale Investment, Fidelity, Galaxy., VanEck, BlackRock |
| Currencies | US Dollar, Sector, Ethereum, Bitcoin, grayscale. |
| Securities | None |
