{"id":13048,"date":"2023-09-01T04:02:02","date_gmt":"2023-09-01T04:02:02","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13048"},"modified":"2023-09-01T04:02:03","modified_gmt":"2023-09-01T04:02:03","slug":"bitcoin-traders-wipe-grayscale-gains-after-sec-delays-spot-etf-decisions","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13048","title":{"rendered":"Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment&#8217;s court victory against the United States Securities regulator.<\/p>\n<p>On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was \u201carbitrary and capricious\u201d when it rejected Grayscale\u2019s spot Bitcoin ETF application. <\/p>\n<p>However, the SEC\u2019s recent delay to seven pending spot Bitcoin ETF applications has sent Bitcoin\u2019s price downwards, falling nearly 5% in the last 24 hours.<\/p>\n<p>Cointelegraph Markets Pro data shows Bitcoin\u2019s price is currently around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win. <\/p>\n<p><em>BTC&#8217;s seven-day price chart shows its gains erased. Source: Cointelegraph Markets Pro<\/em><\/p>\n<p>BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity along with the joint fund by Invesco and Galaxy were all delayed on Aug. 31 by the SEC.<\/p>\n<p>The price decline came even though some were\u00a0expecting the delays to take place including Bloomberg ETF analysts Eric Balchunas and James Seyffart. <\/p>\n<p lang=\"en\" dir=\"ltr\">We\u2019ve now fully retraced back to pre SEC Grayscale Lawsuit Bitcoin price.<\/p>\n<p>Pretty much sums up where the markets at right now. pic.twitter.com\/PS4T12uHFh<\/p>\n<p>\u2014 Ben Simpson (@bensimpsonau) August 31, 2023<\/p>\n<p>The SEC\u2019s delay allows it another 45 days to approve, deny or again delay the applications.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>When will it be too late to invest in Bitcoin?<\/em><\/strong><\/p>\n<p>The next decision deadlines for the ETF applications are between Oct. 16 and Oct. 19, though the SEC can also choose to delay to decision up to around mid-March next year when it will be forced to make a decision.<\/p>\n<p>However, Balchunas said on Aug. 30 that the probability of the SEC approving a spot Bitcoin ETF this year was 75% \u2014 up from an earlier prediction of 65%.<\/p>\n<p>He pinned the probability hike on Grayscale\u2019s court win saying the judge&#8217;s unanimous rejection of the SEC\u2019s arguments means it \u201cwill struggle to justify further denials as it faces deadlines.\u201d<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-grayscale-gains-wiped-with-sec-spot-etf-delays\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment&#8217;s court victory against the United States Securities regulator. On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was \u201carbitrary and capricious\u201d when it rejected Grayscale\u2019s spot Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13048"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13048\/revisions"}],"predecessor-version":[{"id":13050,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13048\/revisions\/13050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13049"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}