Bitcoin’s value dropped abruptly by 5% within a day after the US Securities and Exchange Commission (SEC) postponed decisions on seven pending spot Bitcoin ETF applications. This decision came soon after the SEC’s court battle against Grayscale Investments, in which the judge criticized the SEC’s behavior. The delay in ETF approvals has cast a negative shadow over the crypto sphere, with Bitcoin’s value currently hovering around $26,000. Renowned investing firms were prepared to enter the ETF market but were halted by the SEC’s unexpected decision. The market is now focused on upcoming decision dates, which may be postponed until mid-March next year. However, there is optimism that the SEC may approve a Bitcoin ETF due to Grayscale’s lawsuit triumph. The unfolding drama in the cryptocurrency world highlights the unpredictability and risks associated with the market.
AI Sentiment: Negative