Bitcoin Price Drops Back After SEC Delays Fund Decisions
Bitcoin and other cryptocurrencies have experienced a drop in price following the Securities and Exchange Commission’s (SEC) decision to delay approval of spot bitcoin exchange-traded funds (ETFs). This news comes after a recent spike in bitcoin prices, with the cryptocurrency trading at under $26,000, according to CoinDesk.
Bitcoin and Crypto Prices
Bitcoin’s recent price drop can be attributed to the SEC’s delay in approving spot bitcoin ETFs. The cryptocurrency had previously reached a high of around $28,000 on Tuesday before experiencing a decline. Additionally, ether, another popular cryptocurrency, has also seen a decrease in value, trading at around $1,615, down more than 2% over the past 24 hours.
Crypto Prices React to Court Ruling
Despite the recent drop in prices, crypto prices had initially picked up following a court ruling. The court ruled that the SEC should not have rejected asset manager Grayscale’s application to operate a spot bitcoin ETF. This ruling initially provided a boost to crypto prices, but the SEC’s subsequent decision to delay ETF approvals has dampened market sentiment.
The delay in SEC’s decision on spot bitcoin ETFs has resulted in a drop in bitcoin and other cryptocurrency prices. While the court ruling initially provided a positive outlook for the market, the delay has caused uncertainty among investors. It remains to be seen how this delay will impact the future of cryptocurrency trading.