Hassan Maishera
TL;DR
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Bitcoin has lost nearly 5% of its value over the last 24 hours, dropping below the $26k level.
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The bearish performance came after the SEC delayed spot Bitcoin ETF decision for all applicants.
Bitcoin Drops Below $26k Following SEC’s Decision
The cryptocurrency market has reversed the gains it recorded earlier this week after losing more than 4% of its value over the last 24 hours.
Bitcoin rallied to the $28k level earlier this week following Grayscale’s victory against the SEC. However, the effect was short-lived, as BTC is now trading below the $26k level once again.
BTC has lost nearly 5% of its value over the last 24 hours and is now trading at $25,975 per coin. The United States Securities and Exchange Commission (SEC) announced on Thursday that it is delaying its decision on all spot Bitcoin ETF applicants, including those filed by BlackRock and Fidelity.
The applications were filed by BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets earlier this year.
The SEC has a total of 240 days to make its final decision, starting from when it first begins its review of the applications. The SEC has denied all spot Bitcoin ETF applications in the past, but market experts are optimistic that the regulator would approve at least one of them this time around.
The cryptocurrency market has shed roughly $400 million from its value over the last 24 hours, with the total crypto market cap now $1.05 trillion.
