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The U.S. Securities and Exchange Commission (SEC) has postponed its decision on spot Bitcoin ETF applications.
The new deadline for the SEC to make a decision is October 17, 2023.
Following the announcement of the delay, Bitcoin’s price fell below $26,000.
The SEC has delayed its decision on spot Bitcoin ETF applications, with the new deadline set for October 17, 2023. Following this news, Bitcoin’s price dropped below $26,000.
SEC Postpones Decision on Bitcoin ETF Applications
The SEC has decided to delay its verdict on the spot Bitcoin ETF applications currently under review. The new deadline for these applications is October 17, 2023. The SEC is expected to either approve, reject, or further delay its decision by this date.
Cryptocurrency Investors Await SEC Decision
Cryptocurrency investors were eagerly awaiting September 1, 2023, as this was the final date for the SEC’s initial review of seven applications. The first delay was announced for WisdomTree’s spot Bitcoin ETF application, followed by Invesco, Valkyrie, Fidelity, VanEck, and Bitwise. BlackRock’s application, which was seen as having a higher chance of approval, was the last to be announced, and it too was delayed.
Bitcoin Price Drops Following SEC Announcement
Bitcoin’s price fell following the series of delay announcements. The leading cryptocurrency, which was trading at $26,300 before the delay announcements, fell below $25,800 after the news. The drop was intensified by economic data coming out of the U.S.
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Conclusion
The SEC’s decision to delay its verdict on spot Bitcoin ETF applications has had a noticeable impact on Bitcoin’s price. This news highlights the significant influence regulatory decisions can have on the cryptocurrency market. Investors will now be looking ahead to October 17, 2023, when the SEC is expected to make its decision.
