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SEC Delays Spot ETF Decisions Result in Grayscale Gains Being Erased by Bitcoin Traders

SEC Delays Spot ETF Decisions Result in Grayscale Gains Being Erased by Bitcoin Traders

– The price of BTC experienced a sharp rise and fall over the past three days due to two recent events related to pending applications for spot Bitcoin ETFs.

– Bitcoin initially saw a surge in price after Grayscale Investment’s court victory against the SEC, but the recent delay in seven pending spot Bitcoin ETF applications caused the price to drop nearly 5% in the last 24 hours.

– The SEC’s delay gives them another 45 days to approve, deny, or further delay the applications, with decision deadlines set between October and mid-March next year.

– Bloomberg ETF analysts predict a 75% probability of the SEC approving a spot Bitcoin ETF this year, citing Grayscale’s court win as a factor that weakens the SEC’s arguments against approval.

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