Bitcoin tumbles as SEC delays decision on ETF applications

Journalist

Posted: September 3, 2023

On 31 August, the Securities and Trade Fee introduced its determination to increase the date inside which to overview ETF purposes.
This has additional dampened sentiment and brought about BTC to crash to a three-month low.

Bitcoin [BTC] slipped beneath $26,000 as issues mounted over whether or not the Securities and Trade Fee (SEC) will grant its approval for spot Bitcoin exchange-traded fund (ETF) within the U.S. regardless of the current ruling within the Grayscale matter.

Learn Bitcoin’s [BTC] Price Prediction 2023-2024

In response to the ruling, on 31 August, the regulator announced its determination to increase the interval inside which to overview all spot Bitcoin ETF purposes filed by BlackRock, WisdomTree, Invesco Galaxy, Clever Origin, VanEck, Bitwise and Valkyrie Digital Property.

Following this information, the worth per BTC, which had traded above $27,000, instantly dropped and has since fallen by 5%.

Supply: CoinMarketCap

The regulator’s determination to designate an extended interval to overview all pending ETF purposes earlier than it has led many to imagine that the SEC won’t give its approval regardless of the Grayscale victory.

In a current report, digital asset funding agency CoinShares discovered that BTC accounted for 87% of all funds faraway from all digital asset funding merchandise between 21 and 25 August,

“Because of the rising acceptance {that a} spot-based ETF for Bitcoin within the US is prone to take longer than many anticipate, with current delays being introduced by the SEC.”

Merchants search to scale back publicity

At press time, the coin traded at $25,778. With the market largely uncertain of the coin’s subsequent value actions, its Bollinger Bands, noticed on a D1 chart, advised that BTC remained considerably liable to important value swings.

Additionally, the coin’s value trended nearer to the decrease band of the indicator, suggesting that promoting strain continued to outweigh accumulation. Key momentum indicators positioned beneath 50 confirmed this.

At press time, BTC’s Relative Power Index (RSI) was southbound at 35.44. Equally, its Cash Move Index (MFI) was noticed at 37.85.

Signaling elevated liquidity exit amongst day by day spot merchants, the coin’s Chaikin Cash Move (CMF) returned a adverse worth of -0.05 at press time.

How a lot are 1,10,100 BTCs worth today?

A worth beneath the zero line is an indication of weak point out there, because it suggests a liquidity flight, which could in any other case propel the worth of an asset if stored out there.

Supply: BTC/USD, TradingView

On the futures markets, BTC’s open curiosity continues to fall. Information tracked by Coinglass confirmed that it has fallen by 12% since 30 August. At press time, the coin’s Open Curiosity was $10.28 billion.