The U.S. Securities and Change Fee (SEC) has decided to postpone issuing a decision on the several spot bitcoin exchange-traded fund (ETF) proposals, which is the most recent development. Because to the SEC’s evasive behaviour in delaying its decision on the eagerly anticipated Bitcoin ETF, the price of bitcoin experiences a steep decline to the $25k level.
The U.S. dollar’s declining dominance in global reserves had reverberations throughout international markets. A digital rival is emerging from the shadows: Bitcoin. As governments turn, looking for diversified real estate and hedging against monetary risks.
Additionally, the on-chain data for Bitcoin offers a wealth of insights for the astute, from alternate balances that reveal investor emotion to subtle swings in hodler behaviour.
Dark Clouds Gather as SEC Postpones Making a Decision on Bitcoin ETF
With the several rulings issued by the D.C. Circuit Court of Appeals earlier in the week, Bitcoin did have a brief bullish surge. The courtroom expressed the opinion that the SEC’s justification for rejecting particular bitcoin ETF aims didn’t seem to have a solid foundation.
However, the news that the SEC was pushing the Bitcoin ETF resolution farther was quickly reacted to by the cryptocurrency market, causing Bitcoin’s value to fall. The value of the digital currency fell by 4.1% and finished the day at $26,100.
Among those awaiting the SEC’s decision are notable financial behemoths including Blackrock, WisdomTree, Invesco Galaxy, Clever Origin, VanEck, Bitwise, and Valkyrie Digital Belongings.
Clever Origin, Galaxy, and WisdomTree can anticipate a call by October 17 with the brand-new timelines. In the meanwhile, Bitwise’s fate will be known by October 16 and Valkyrie’s decision will be made on October 19.
The SEC may have opened the door for a boom of institutional investments, undoubtedly boosting Bitcoin’s value and widespread adoption, if it had given the BTC ETF the unexperienced moderate treatment. Additionally, an approved ETF would have given individual investors a more regulated and secure way to purchase Bitcoin, perhaps leading to a wider adoption of cryptocurrencies.
Bears Manage Bitcoin’s Rollercoaster Once More To $25K
The current value of one Bitcoin (BTC) is $25,773, reversing from the 50-day EMA and concluding a night start sample. With a 7% decline over three days, the BTC value loses the immediate benefits of Grayscale’s victory before the SEC.
As a result of the broken support trendline’s retest, there has been a dramatic negative turnaround that will continue below $25,000.
An altercation between bulls and bears may be seen during the previous sideways pattern in Bitcoin’s price around $25K. On the $25K demand belt, a potential hold-off is once more probable, but the increased momentum indicates a downturn.
