BTC Price Falls Under $26,000 as SEC Delays Spot Bitcoin ETF Decisions

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  • On August 31, the value of Bitcoin had a significant decrease, exhibiting a dip of more than 4.5% and descending below the threshold of $26,000.
  • The decrease in price occurred subsequent to a judicial decision concerning Grayscale, resulting in the elimination of the previously accumulated profits during the earlier part of the week.
  • The United States Securities and Exchange Commission (SEC) has recently disclosed a postponement in the approval process for seven spot Bitcoin exchange-traded fund (ETF) applications. These applications are submitted by prominent entities like as BlackRock, VanEck, and Valkyrie.
  • The appreciation of the United States Dollar also exerted selling pressure on diverse financial assets.
  • The Personal Consumption Expenditures (PCE) Index has indicated the presence of enduring elevated levels of inflation, which has had an impact on the performance of stocks.
  • The S&P and Dow indices concluded the trading session with declines of 0.16% and 0.48% correspondingly, but the Nasdaq index registered a marginal increase of 0.11%.
  • Analysts are engaged in speculation over the potential approval timeline of the inaugural spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) in the United States. Following Grayscale’s recent legal triumph, a sense of optimism has emerged, leading to an estimation of a 75% likelihood of SEC approval by the conclusion of the year 2023.
  • According to certain analysts, such as Michaël van de Poppe, there exists a greater likelihood of the Securities and Exchange Commission (SEC) granting permission for a Bitcoin Exchange-Traded Fund (ETF) application in either October or December. Additionally, there is speculation that the SEC will approve Ethereum ETF Futures in October.
  • During the current market correction, Bitcoin experienced substantial liquidations, resulting in a decline in Open Interest to its former levels.
  • According to the article, it is suggested that the decline in Bitcoin’s price might perhaps result in a further adjustment towards the range of $24,000-25,000, accompanied by an anticipated examination of the 200-week Exponential Moving Average (EMA).

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