On August 31, the US Securities and Exchange Commission (SEC) postponed consideration of seven applications for spot Bitcoin ETFs. The regulator must come up with its next decision by mid-October. The whole market reacted with a sharp decline.
What happened
The regulator prolonged reviews and resolutions for applications of spot Bitcoin ETFs from the following companies:
Bitwise: extended until October 16;
BlackRock, Fidelity, VanEck, WisdomTree, Invesco & Galaxy: extended until October 17;
Valkyrie: extended until October 19.
In all cases, the regulator’s notification looks the same: "The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein".
Market reaction
Following the recent news, the market began falling. In fact, many of the top cryptocurrencies lost the gains that were earlier attributed to Grayscale's victory over the SEC a couple of days ago.
Bitcoin has dropped by 4,38% in the last 24 hours, reaching a low point of $25,655. Currently, the first cryptocurrency is trading at $26,030. Ethereum suffered a 3,48% decline, hitting a minimum price of $1,630. Now, its value stands at about $1,647.
Among the top coins by market capitalization, TRON and TON have stood out, showing increases of 1.5% and 2.2%, respectively. TON has demonstrated the strongest growth being in the top 100 coins over the last week — the asset’s value spiked by 21.7%. At the moment, TON’s price is at a $1.73 level.
Interestingly, Bitcoin saw a decline of 11.29% during August. Moreover, September is claimed to be a bad month for the leading cryptocurrency historically.
Observations show a consistent decrease in BTC value during the first month of autumn. Such a trend has been happening to Bitcoin for 6 years already, which is a real record as there is no other month that would bring investors these consistent losses.
Check out our latest article: Bitcoin’s September Price Prediction: back to $25,000.
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