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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin Spot ETF SEC

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On August 29, flagship cryptocurrency Bitcoin soared to as high as $28,000 following Grayscale’s victory. However, it has now lost these gains as the US Securities and Exchange Commission (SEC) chose to delay its decisions on seven Spot ETF applications. 

Bitcoin Crashes Below $26,000

Bitcoin dropped by over 4% to $26,000 as the SEC extended the timeline to decide on the ETF applications of BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise.

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This price action contrasts with when the cryptocurrency had reacted positively to the news of Grayscale’s victory, with the US Court of Appeals ruling in favor of the asset manager against the Commission. 

Many had looked forward to the SEC’s decision in these ETF applications following Grayscale’s victory, hoping that the legal loss would have softened the regulator into approving these applications. 

However, Bloomberg ETF analyst Eric Balchunas had stated earlier that he would not be “surprised” if the SEC delayed these applications. According to him, these timelines may not matter as much as the SEC is still likely to “give in” at some point, and we will eventually see the approval of these applications. 

Following this extension, the SEC will have another 45 days to review these applications and choose whether to approve, deny, or delay its decision. The regulator also has a maximum of 240 days to decide whether or not to approve or disapprove these applications. However, it has several key deadlines in between.

Bitcoin price chart from Tradingview.com (Spot Bitcoin ETF)

BTC price falls below $26,000 following SEC decision | Source: BTCUSD on Tradingview.com

What’s Next For BTC?

Many have projected the approval of a Spot Bitcoin ETF as one of the key events that could spark a significant surge in Bitcoin’s price (as we saw how the market reacted following Grayscale’s victory). However, the SEC’s decision to delay these applications shows that it is not ready to back down just yet, and there could be continued resistance to approving a Spot Bitcoin ETF.

While the approval of a Spot Bitcoin ETF remains uncertain, Bitcoin may be hanging in the red throughout this month. According to historical data, September has always been known to be bearish for Bitcoin’s price as the digital asset has closed in the red most times at the end of September. 

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Meanwhile, October seems more promising as there are major days to watch as Bloomberg analyst James Seyffart noted that the SEC’s next deadline for these ETF applications is in October. Ethereum Futures ETFs are also expected to launch in October, which could be a major boost for the market.

Despite this, analysts aren’t hopeful of Bitcoin hitting any new highs this year, as one predicts that Bitcoin could consolidate between $25,000 and $32,000 for the remainder of this year.

I won’t be surprised to see #Bitcoin consolidate between $25,000 – $32,000 for the remainder of 2023. pic.twitter.com/2BihBPZaCJ

— Crypto Rover (@rovercrc) August 31, 2023

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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