Bitcoin price drops as SEC delays decision on Bitcoin ETF, offering new trading opportunities
The SEC’s hesitation to approve the first Bitcoin ETF is putting pressure on the Bitcoin price, which is painful for crypto holders. Thanks to TradeSanta’s automated trading tools connected to spot and futures trading platforms, traders can reduce risks and take advantage of downturns.
Bitcoin had some attempts earlier this year to consolidate above the $30,000 mark, but it failed to do so. By the end of the year, the cryptocurrency may continue to trade below this psychological level, and one of the reasons behind the constant bearish pressure is the Securities and Exchange Commission’s (SEC) prolonged hesitation to approve a spot Bitcoin exchange-traded fund (ETF).
The SEC has postponed its decision on Bitcoin (BTC) ETFs, impacting numerous applicants, including BlackRock, a key player that encouraged other institutions to reapply.
Many asset managers, brokers, index fund providers and other institutions are seeking the green light for a Bitcoin ETF, which would bring more institutional and retail money into the crypto space. Here are the main applicants:
Other institutions planning to launch a Bitcoin ETF include WisdomTree, Valkyrie Investments, Bitwise and GlobalX.
At the end of August, the SEC delayed its spot Bitcoin ETF decision for all applicants.
Bitcoin was hovering above $28,000 at the end of August, trying to retest the resistance at $30,000. However, the SEC’s delay in its decision on all Bitcoin ETF applications discouraged the Bitcoin market, pushing the price down until it found support near $25,000.
In mid-September, the bearish pressure further extended, with the BTC price breaking below the $25,000 mark for the first time since mid-June, when BlackRock fueled the rally with its SEC filing.
Source:
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