{"id":435385,"date":"2023-09-01T09:40:56","date_gmt":"2023-09-01T09:40:56","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=435385"},"modified":"2023-09-01T21:17:22","modified_gmt":"2023-09-01T21:17:22","slug":"crypto-assets-slump-as-sec-delays-decision-on-spot-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-assets-slump-as-sec-delays-decision-on-spot-bitcoin-etfs","title":{"rendered":"Crypto Assets Slump as SEC Delays Decision on Spot Bitcoin ETFs"},"content":{"rendered":"
Crypto assets slumped after the Securities and Exchange Commission (SEC) delayed decisions on applications for seven spot Bitcoin ETFs, souring sentiment just days after a Grayscale Investments court victory had buoyed optimism.<\/p>\n
Bitcoin is down 4.6% in the past 24 hours, while Ethereum lost 3.6%. Bitcoin Cash plunged 7.3% and XRP was down more than 4% after the SEC again delayed making a decision on spot Bitcoin ETF applications from Bitwise<\/a>, Blackrock<\/a>, Fidelity<\/a>, Valkyrie<\/a>, VanEck<\/a>, WisdomTree<\/a>, and a joint application by Invesco and Galaxy<\/a>.<\/p>\n While analysts had predicted the delay, some investors had become more optimistic about early approvals following Grayscale’s landmark legal win against the SEC earlier this wee<\/a>k. Grayscale’s win came as the crypto asset manager moved to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed spot Bitcoin ETF. The court ordered<\/a> the company’s petition for review be granted with the judge saying the SEC’s earlier decision to block it was “arbitrary and capricious.”<\/p>\n NEW: @JSeyff<\/a> & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w \"very little wiggle room\" via @NYCStein<\/a> pic.twitter.com\/IyEGmWjuHa<\/a><\/p>\n — Eric Balchunas (@EricBalchunas) August 30, 2023<\/a><\/p><\/blockquote>\n\n