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The king of cryptocurrencies, Bitcoin, climbed up to $37,405 a few minutes ago and is now rapidly retreating. According to a file published on the SEC’s website, which is currently inaccessible, the expected Hashdex ETF decision has been postponed. The recent decline in the price of <a href="https://en.coin-turk.com/crypto-market-revives-as-major-asset-managers-apply-for-spot-bitcoin-etfs/”>BTC is linked to this.
Why Did Bitcoin Price Rise/Fall?
Such a rise was already expected after extremely positive macro data. Although delayed, the BTC price quickly rose and reached $37,400. However, at the same time, the SEC made a new postponement decision. The decision regarding the Hashdex application has been delayed, contradicting the assumption proposed by Bloomberg ETF expert James that approval news for the 12 applications could come by Friday.
The SEC’s decision to postpone the Spot Bitcoin ETF is not the first, and it is not expected to have a significant negative impact on the market. Experts still give a 90% chance of approval by January 10th. If bulk approvals had been given by Friday, it would have been a great surprise.
Below you can see the possible decision dates for other ETFs. There is a resistance at $38,000 above and a support at $34,400 below. With the support of very positive inflation data, the Bitcoin price may not deviate much from $38,000.
The delayed application was the conversion of a Bitcoin futures ETF into an ETF that holds both futures and spot.
