– 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.