BTC price settles following SEC’s spot Bitcoin ETF delay
Bitcoin (BTC) has undergone a price correction, falling below the $26,000 level on the heels of the U.S. Securities and Exchange Commission’s (SEC) delay in deciding whether to approve applications for spot Bitcoin ETFs. BREAKING: SEC delays decision on WisdomTree, Valkyrie, and Invesco's spot #Bitcoin ETF applications. pic.twitter.com/oJg4xdjThx — Bitcoin Magazine (@BitcoinMagazine) August 31, 2023 The correction came follow ing mid-week gains driven by positive regulatory news, which caused BTC to experience a remarkable 8% surge, hitting over $28,000 on Aug. 29. However, the coin failed to break through the significant resistance point of $30,000. SEC delay cools down the market The initial increase followed a federal appeals court’s decision directing the SEC to rethink its denial of Grayscale Investments’ request to convert its GBTC into an Exchange-Traded Fund (ETF). Aligning with recent trends, Bitcoin quickly gave back a significant portion of th...