Yesterday, BTC erased all gains made by the news of Grayscale's victory over the SEC and dropped by over 5% to $25,600 as the SEC extended the timeline to decide on the ETF applications of financial giants including Blackrock, Fidelity, Valkyrie and others.
Following this extension, the SEC now has another 45 days to review these applications and choose whether to approve, deny, or delay its decision. They 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.
Many analyst firms including Bloomberg now anticipating the approval of a Spot Bitcoin ETF as one of the catalysts that could spark a significant surge in Bitcoin’s price and lead to a new bull rally. However, the SEC’s decision to delay these applications shows that it is not ready to back down just yet, and there could be further resistance before approving a Spot Bitcoin ETF.
At the time of writing this article, BTC is trading at $26,050 (4.58% down in the past 24 hours) with a market capitalization of $507 Billion.