Bitcoin price dips 3% due to SEC ETF delays, US lawmakers’ advocacy, and rate hike impacts.
Bitcoin price dips 3% due to SEC ETF delays, US lawmakers' advocacy, and rate hike impacts.
The Impact of SEC on Bitcoin ETF Decisions

Bitcoin, the world’s most valuable cryptocurrency, experienced a slight decrease in price, trading below $27,000 early on Wednesday, reaching $26,220. This decrease in value contributed to an overall 0.46% reduction in the cryptocurrency market cap, indicating losses across the entire market. The recent poor performance of Bitcoin and Ethereum can be attributed to the Securities and Exchange Commission’s (SEC) delay in deciding on the Ark 21Shares Spot Bitcoin ETF. The delay has sparked uncertainty among investors, potentially leading to short-term price fluctuations.
Bitcoin’s low volatility has reduced trading activity and trader enthusiasm, as there is a lack of significant profit opportunities and no clear timeline for ETF approval. However, Bitcoin’s blockchain recently surpassed 900 million total transactions, demonstrating its growing adoption and usage. Additionally, Microstrategy’s recent purchase has injected optimism into the market, pushing Bitcoin above the $26,000 mark.
The Federal Reserve’s possible interest rate increase to combat inflation, along with other recent developments, offer hope for Bitcoin’s performance. Interest rate hikes can have an impact on Bitcoin’s price, as traders are looking for alternative investments as a hedge against potential economic turbulence.
SEC’s Delay in Bitcoin ETF Decision Sparks Uncertainty and Its Impact on BTC Price
The SEC has extended the decision deadline for the ARK 21Shares Bitcoin ETF to January 10, 2024, and for the Global X Bitcoin Trust to November 21, 2023. This extension gives the SEC more time to review the proposed ETFs and evaluate spot Bitcoin ETF applications from several companies, including BlackRock, Fidelity, VanEck, and Invesco. The delays in the SEC’s decision-making process may cause short-term uncertainty in the cryptocurrency market, leading to price fluctuations and potentially impacting investor sentiment and mainstream adoption.
- Robert Kiyosaki questions Bitcoin’s future amidst Citibank’s blockchain play.
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- US SEC delays decision on ARK 21Shares Bitcoin ETF until next year.
US Lawmakers Push for Bitcoin ETF Approval, Potential Impact on BTC Price
Several US lawmakers, including Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel, have written a letter to SEC Chair Gary Gensler, urging swift approval of a Bitcoin ETF. They cited a recent court ruling that determined Grayscale’s proposed Bitcoin ETP to be comparable to approved Bitcoin futures ETPs. These lawmakers advocate for a regulated spot Bitcoin ETF that would enhance investor protection and make Bitcoin more accessible. They express concerns over the SEC’s delays, especially since major firms like BlackRock and Fidelity have shown interest in Bitcoin ETFs. The House Financial Services Committee hearing presents an opportunity to address these concerns with Gensler directly. The news of lawmakers pushing for accelerated Bitcoin ETF approval can have a positive impact on BTC, potentially increasing investor confidence and driving up its price.
Bitcoin Price Prediction
Examining the technical landscape of the BTC/USD pair, we can observe that there haven’t been significant price movements recently. On the four-hour chart, Bitcoin finds immediate support around the $26,000 mark, which acts as a psychological support threshold. Resistance persists near the $26,400 level. The chart also illustrates an upper trend line connecting points from September 11th and 25th, which was recently reaffirmed on September 26th, serving as a support level around $26,150. The 50-day Exponential Moving Average (EMA) delineates resistance near $26,400. A bullish breach above this resistance could pave the way for Bitcoin to approach the $26,700 target. Further resistance levels to watch are $27,200 and $27,500. Conversely, a bearish downturn below $26,000 could push Bitcoin’s valuation towards the $25,380 threshold, with $24,900 becoming a significant support zone. Today’s trading strategy hinges on monitoring the $26,000 mark.
Looking Ahead: Top 15 Cryptocurrencies to Watch in 2023
To stay ahead in the world of digital assets, it is crucial to have insight into the top cryptocurrencies and ICO projects to watch for in 2023. Industry experts from “Industry Talk” and “Cryptonews” have curated a list of the top 15 alternative cryptocurrencies, offering valuable insights and recommendations for cryptocurrency investments. By staying updated, investors can discover the potential of these digital assets.
Disclaimer: It’s essential to remember that the cryptocurrency projects endorsed in this article do not constitute financial advice. Cryptocurrencies are highly volatile investments with considerable risks, so conducting thorough research is crucial.
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