Bitcoin tumbles as SEC delays decision on ETF applications

The SEC's decision to delay its decision on all pending ETF applications before it has caused Bitcoin's price to drop to its lowest level since June, as many now doubt that the agency will give its approval.

Timeline of Bitcoin

Cryptocurrency $BTC is historically known to have followed certain trading patterns around key events like the Bitcoin Halving. However, the cryptocurrency is currently at a strong support zone around six months before the Halving, which is set for the second quarter of 2024.

The cryptocurrency market is showing weariness, as indicated by the dwindling open interest in Bitcoin's perpetual futures contracts. On Binance, the world's largest cryptocurrency exchange by trading volume, open interest dipped to a 5-month low of $2,796,429,005.85, per a recent Glassnode report.

U.S. Securities and Exchange Commission's former chairman Jay Clayton has explained why he believes the approval of a spot bitcoin exchange-traded fund (ETF) is inevitable. “It is clear that bitcoin is something that retail investors want access to, institutional investors want access to,” he stressed.

A recent roundtable at Bitcoin Miami 2023 questioned if bitcoin is as slow and as inefficient as many analysts claim it is. Panelists also found themselves wondering what the role of crypto company Strike was when it came to the future of BTC.

Leading cryptocurrency Bitcoin (CRYPTO: BTC) continues to dominate the headlines with increased optimism that Bitcoin ETFs will soon be appproved by the SEC. The approval of a Bitcoin ETF would come over 10 years after the first fund was filed with the SEC and would come 14 years after the first block of Bitcoin was mined by the anonymous creator of the cryptocurrency.

Could the new bitcoin-based exchange-traded fund (ETF) application submitted by BlackRock really be a gamechanger for the crypto arena? According to some analysts, the answer is a resounding “yes.

The Bitcoin (BTC) price failed to hold on to gains after reaching highs of $28,184 following Grayscale's victory over the United States Securities and Exchange Commission (SEC). The joy was short-lived, as Bitcoin lost all of its gains after the SEC delayed its decision on all seven spot Bitcoin exchange-traded fund (ETF) applications.

In a recent video by renowned cryptocurrency analyst Benjamin Cowen, ominous predictions for Bitcoin performance in September have emerged. Cowen, known for his data-driven approach to cryptocurrency analysis, shared his insights regarding Bitcoin's historical performance in September and its potential trajectory for the current year.

Bitcoin price is under pressure after the U.S. Securities and Exchange Commission delayed its decision on Bitcoin ETFs to October. Top analysts and traders including legendary trader Peter Brandt and popular analysts Michael van de Poppe, CredibleCrypto, and Rekt Capital predicted BTC price to continue correction to $24,800 before a possible recovery.

Historically, September has proved to be the worst period for Bitcoin (BTC), and this time, things look no different. The world's largest cryptocurrency Bitcoin (BTC) has come under strong selling pressure as soon as the U.S. Securities and Exchange Commission (SEC) delayed all seven spot Bitcoin ETF applications.