Grayscale Investment’s Court Victory Followed by Bitcoin Price Drop
Following the court victory of Grayscale Investment against the United States Securities regulator, Bitcoin (BTC) saw an increase in its price over the course of a day. However, after the Securities and Exchange Commission delayed seven pending spot Bitcoin ETF applications, Bitcoin’s value dropped by 5% in the last 24 hours.
Cointelegraph Markets Pro data shows that the price of Bitcoin is currently around $26,000, which is a significant drop from the $27,300 level it had been sustaining since the Grayscale win.
Investors interested in the crypto space are looking into various options such as crypto ETFs, crypto day trading and the best places to get crypto such as Cointelegraph, Bloomberg and Reddit. Additionally, Web 3.0 applications such as Apple Health are also gaining traction.
SEC Delays Crypto ETFs
The U.S. Securities and Exchange Commission (SEC) delayed the applications of crypto ETFs from firms such as BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity, as well as the joint fund by Invesco and Galaxy, on Aug. 31.
The news came as no surprise to Bloomberg ETF analysts Eric Balchunas and James Seyffart, who had been expecting the delays.
The SEC’s delay gives it an additional 45 days to approve, deny or again delay the applications. The next decision deadlines for the crypto ETF applications are between Oct. 16 and Oct. 19, and the SEC can also choose to delay its decision until mid-March 2020, when it will be required to make a decision.
Investors looking to invest in web 3.0 and crypto ETFs, such as BTC, can turn to Cointelegraph for the best place to get crypto, as well as for crypto day trading and other information. Reddit is also a great place for those looking for the best place for crypto.
Apple Health Application is also a web 3.0 application that can be used to track health data.
On Aug. 30, Balchunas remarked that the chance of the SEC authorizing a Bitcoin ETF this year was 75%, a growth from his previous forecast of 65%. He attributed the rise in probability to Grayscale’s court triumph, stating that the court’s unanimous dismissal of the SEC’s claims implies that the agency “will struggle to justify further denials as it faces deadlines.” With crypto day trading and crypto ETFs becoming more popular, investors are looking for the best place to get crypto. Cointelegraph Crypto and Crypto Bloomberg are two of the best sources to find the latest information about crypto investments. Additionally, Apple Health Application is a web 3.0 application that provides helpful insights into the world of cryptocurrency.
Subscribe to our email newsletter to get the latest posts delivered right to your email.