Bitcoin Traders Erase Grayscale Gains After SEC Delays Spot ETF Decisions
BTC price has risen sharply and fallen almost as rapidly over the past three days amid two recent impacting events on pending requests for spot Bitcoin ETFs.< /p>
In less than a day, Bitcoin (BTC) has lost almost all of the gains made in Grayscale Investment's court victory against the US securities regulator.
On Aug. 29, Bitcoin hit a two-week high after a judge ruled the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale's one-time Bitcoin ETF application.
However, the SEC's recent delay of seven pending spot Bitcoin ETF applications has caused the price of Bitcoin to drop nearly 5% in the past 24 hours.
Data from Cointelegraph Markets Pro shows that Bitcoin price is currently hovering around $26,000, down sharply from the $27,300 level it had held since the Grayscale win.
The seven-day price chart of BTC shows his winnings erased. Source: Cointelegraph Markets Pro
BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity as well as Invesco and Galaxy mutual fund were all delayed on August 31 by the SEC.
The price drop happened even though some expected delays, including Bloomberg ETF analysts Eric Balchunas and James Se...
BTC price has risen sharply and fallen almost as rapidly over the past three days amid two recent impacting events on pending requests for spot Bitcoin ETFs.< /p>
In less than a day, Bitcoin (BTC) has lost almost all of the gains made in Grayscale Investment's court victory against the US securities regulator.
On Aug. 29, Bitcoin hit a two-week high after a judge ruled the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale's one-time Bitcoin ETF application.
However, the SEC's recent delay of seven pending spot Bitcoin ETF applications has caused the price of Bitcoin to drop nearly 5% in the past 24 hours.
Data from Cointelegraph Markets Pro shows that Bitcoin price is currently hovering around $26,000, down sharply from the $27,300 level it had held since the Grayscale win.
The seven-day price chart of BTC shows his winnings erased. Source: Cointelegraph Markets Pro
BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity as well as Invesco and Galaxy mutual fund were all delayed on August 31 by the SEC.
The price drop happened even though some expected delays, including Bloomberg ETF analysts Eric Balchunas and James Se...
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