Bitcoin retreats as SEC postpones decision on BlackRock and Fidelity spot ETFs

As expected, the U.S. regulator has chosen to report sa decision concerning theapproval from 7 ETF Bitcoin cash files filed by BlackRock and others large managers.

Late yesterday, the regulator Security of Exchange Commission of the United States indicated reporter to october sa decision to approve (or not) several exchange-traded fund type spot on the first cryptocurrency of the market.

The SECwhich had already postponed its decision until early August, will decide again next month on the ETF on Bitcoin for cash of BlackRockBitwise, VanEckInvesco, FidelityValkyrie and WisdomTree.

Observers expected a report from the U.S. Securities and Exchange Commission.

Source: Bloomberg

Bitcoin (BTC)which had already tumbled earlier on Thursday afternoon, slipped further after the announcement by the federal agency headed by anti-crypto Gary Gensler. Its price is hovering around 26,000 dollarsat the time of publishing this article, down by around 4,4% over 24 hours.

Bitcoin (BTC) 24-hour price – Messari

This week, Eric Balchunas, ETF analyst at Bloombergstated that chances of seeing a ETF spot bitcoin launched in 2023 rose to 75% (95% by the end of 2024) versus 65% earlier this year. “Although we have taken into account the victory of Graycale in our previous estimate of 65%, the unanimity and decisiveness of the decision exceeded expectations and leaves the SEC with very little room for maneuver.” he explained.

Grayscale recently won a lawsuit against the SEC. The investment manager was suing the regulator for rejecting its request to convert its GBTC fund at ETF Bitcoin spot. The latter will have to reconsider its decision, opening the door to a potential future approval.

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