BREAKING: US SEC SHOCKS CRYPTO WORLD
SEC Delays Bitcoin ETF Decision Again, But WAIT, Here is What They Don't Want You To Know👇
The U.S. Securities and Exchange Commission (SEC) has recently announced a delay in its decision on spot Bitcoin exchange-traded fund (ETF) applications until October. This delay has had a negative impact on the market, with Bitcoin's price dropping 4.1% to $26,100 following the announcement. Companies such as BlackRock and Fidelity had applied for the ETF.
A spot Bitcoin ETF would potentially make it easier for retail investors to invest in Bitcoin without needing to set up wallets or buy Bitcoin directly. The SEC can take up to 240 days to review applications, and it's not uncommon for them to use this entire period.
The D.C. Circuit Court of Appeals recently ruled against the SEC's rejection of Grayscale's proposal to turn the Grayscale Bitcoin Trust into an ETF, highlighting the close correlation between Bitcoin and Bitcoin futures.
While some traders see the potential for a positive future once ETF approvals come through, others expect a continued decline in Bitcoin's price in the short term.
