Galaxy

Bitcoin

James

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 The price of BTC rose sharply and fell almost as fast over the past three days amid two recent events impacting pending applications for spot Bitcoin ETFs. 
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<div class="cointelegraph"> 
 In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment's court victory against the United States Securities regulator. 
 On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application. 
 However, the SEC’s recent <a rel="noopener noreferrer nofollow" title="delay" href="https://thebittimes.com/tag/delay.html">delay</a> to seven pending spot Bitcoin ETF applications has sent Bitcoin’s price downwards, falling nearly 5% in the last 24 hours. 
 Cointelegraph Markets Pro data shows Bitcoin’s price is currently around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/01/b5459e8c4fff9b2be020a1690d107b43.webp"> 
 <figcaption style="text-align: center;"> BTC's seven-day price chart shows its gains erased. Source: Cointelegraph Markets Pro 
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 BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity along with the joint fund by Invesco and Galaxy were all delayed on Aug. 31 by the SEC. 
 The price decline came even though some were&nbsp;expecting the <a rel="noopener noreferrer nofollow" title="delay" href="https://thebittimes.com/tag/delay.html">delay</a>s to take place including Bloomberg ETF analysts Eric Balchunas and James Seyffart. 
 <blockquote class="twitter-tweet"> 
 We’ve now fully retraced back to pre SEC Grayscale Lawsuit Bitcoin price. Pretty much sums up where the markets at right now. pic.twitter.com/PS4T12uHFh— Ben Simpson (@bensimpsonau) August 31, 2023 
 </blockquote> 
 The SEC’s <a rel="noopener noreferrer nofollow" title="delay" href="https://thebittimes.com/tag/delay.html">delay</a> allows it another 45 days to approve, deny or again <a rel="noopener noreferrer nofollow" title="delay" href="https://thebittimes.com/tag/delay.html">delay</a> the applications. 
 Related: When will it be too late to invest in Bitcoin? 
 The next <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a> deadlines for the ETF applications are between Oct. 16 and Oct. 19, though the SEC can also choose to <a rel="noopener noreferrer nofollow" title="delay" href="https://thebittimes.com/tag/delay.html">delay</a> to <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a> up to around mid-March next year when it will be forced to make a <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a>. 
 However, Balchunas said on Aug. 30 that the probability of the SEC approving a spot Bitcoin ETF this year was 75% — up from an earlier prediction of 65%. 
 He pinned the probability hike on Grayscale’s court win saying the judge's unanimous rejection of the SEC’s arguments means it “will struggle to justify further denials as it faces deadlines.” 
 Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-traders-wipe-grayscale-gains-after-sec-delays-spot-etf-decisions-tbt61157.html">https://thebittimes.com/bitcoin-traders-wipe-grayscale-gains-after-sec-delays-spot-etf-decisions-tbt61157.html</a>

Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions

TheBitTimes

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