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The US SEC has delayed yet another series of spot BTC ETF applications, after Grayscale and Cathie Wood’s Ark Invest.
BlackRock, Valkyrie, Fidelity, Bitwise, VanEck, WisdomTree, and Invesco have all received delay orders.
Bitcoin price has reacted to the news with a 5% drop back to the $26,000 range.
Meanwhile, Bitwise withdrew one of its ETH Futures applications.

The price of Bitcoin (BTC) has retraced all of the ground gained during the August 29 rise, when Grayscale asset manager's news triggered an impulse to drive the market higher. The market value of the massive cryptocurrency has just dropped, and the US Securities and Exchange Commission (SEC) is to blame.

Bitcoin prices fall as a result of spot BTC ETF delays

Bitcoin (BTC) is currently trading at $26,022, down nearly 7% in the previous 24 hours. The drop comes as the US Securities and Exchange Commission extended yet another round of deadlines for spot Bitcoin ETF registrations.

The delay comes as investors and market participants were expecting a verdict on spot BTC ETF applications on September 1. Unsurprisingly, the banking regulator issued postponement orders for WisdomTree, Invesco, and Valkyrie. Fidelity, VanEck, Bitwise, and BlackRock have also issued delay orders.

Due to the delays, the SEC prefers to stack the decisions for the next 45-day deadline, with the markets now looking for around October 15, with the chance of all seven applicants receiving a decision at the same time. It is worth noting that this would be close to the deadline for the SEC to reply to the Grayscale ruling regarding whether or not to appeal. The following paragraph is from the earlier announcement:

However, the SEC has 45 days to appeal the verdict, in which case it will either go to the Supreme Court or have an en banc panel review, or it may reject the application on other grounds.

Meanwhile, Bitwise has opted to withdraw one of its Ethereum futures applications, which analysts believe will allow them to change their BITC product (a Bitcoin-linked ETF geared for long-term investors) to hold ETH futures in addition to BTC futures.

Possible ramifications for the Bitcoin price

Following the decrease, Bitcoin's price could find support at $25,036, indicating the beginning of the next rally. If this level fails to hold, BTC might fall to the psychological $24,000 level. The Relative Strength Index is attempting to repel the downside, indicating the arrival of bulls. Similarly, the Awesome Oscillator's histogram bars are creeping toward the midline while flashing green, reinforcing the case for the bulls.

BTC positions were liquidated during the 7% drop

It is worth noting that the 7% drop resulted in the liquidation of $41.66 million in long positions once their stop losses were activated. However, just $7.31 million in short positions were liquidated.

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