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On August 29, flagship cryptocurrency Bitcoin soared to as high as $28,000 following <\/span>Grayscale\u2019s victory<\/span><\/a>. However, it has now lost these gains as the <\/span>US Securities and Exchange Commission<\/span><\/a> (SEC) chose to delay its decisions on seven Spot ETF applications.\u00a0<\/span><\/p>\n Bitcoin dropped by over 4% to $26,000 as the SEC extended the timeline to decide on the ETF applications of <\/span>BlackRock<\/span><\/a>, <\/span>WisdomTree<\/span><\/a>, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise.<\/span><\/p>\n This price action contrasts with when the cryptocurrency had reacted positively to the news of Grayscale\u2019s victory, with the US Court of Appeals <\/span>ruling<\/span><\/a> in favor of the asset manager against the Commission.\u00a0<\/span><\/p>\n Many had looked forward to the SEC\u2019s decision in these ETF applications following Grayscale\u2019s victory, hoping that the legal loss would have softened the regulator into approving these applications.\u00a0<\/span><\/p>\n However, Bloomberg ETF analyst Eric Balchunas had <\/span>stated<\/span><\/a> earlier that he would not be \u201csurprised\u201d if the SEC delayed these applications. According to him, these timelines may not matter as much as the SEC is still likely to \u201cgive in\u201d at some point, and we will eventually see the approval of these applications.\u00a0<\/span><\/p>\n 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.<\/span><\/p>\n<\/p>\n Many have projected the approval of a Spot Bitcoin ETF as one of the key events that could spark a significant surge in Bitcoin\u2019s price (as we saw how the market reacted following Grayscale\u2019s victory). However, the SEC\u2019s 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.<\/span><\/p>\n While the approval of a Spot Bitcoin ETF remains uncertain, Bitcoin may be hanging in the red throughout this month. According to historical <\/span>data<\/span><\/a>, September has always been known to be bearish for Bitcoin\u2019s price as the digital asset has closed in the red most times at the end of September.\u00a0<\/span><\/p>\n Meanwhile, October seems more promising as there are major days to watch as<\/span> Bloomberg analyst<\/span><\/a> James Seyffart <\/span>noted<\/span><\/a> that the SEC\u2019s next deadline for these ETF applications is in October.\u00a0<\/span>Ethereum Futures ETFs are also <\/span>expected<\/span><\/a> to launch in October, which could be a major boost for the market.<\/span><\/p>\n Despite this, analysts aren\u2019t hopeful of Bitcoin hitting any new highs this year, as one <\/span>predicts<\/span><\/a> that Bitcoin could consolidate between $25,000 and $32,000 for the remainder of this year.<\/span><\/p>\n I won\u2019t be surprised to see #Bitcoin<\/a> consolidate between $25,000 \u2013 $32,000 for the remainder of 2023. pic.twitter.com\/2BihBPZaCJ<\/a><\/p>\nBitcoin Crashes Below $26,000<\/h2>\n
BTC price falls below $26,000 following SEC decision | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
What\u2019s Next For BTC?<\/h2>\n
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