SEC postpones review of altcoin ETF, US CPI data cools down, Bitcoin returns to $83,000

The U.S. Securities and Exchange Commission (SEC) surprised the market on Tuesday by announcing that it would postpone the review of several cryptocurrency ETF applications, including ETFs related to assets such as Solana (SOL), Ripple (XRP), Litecoin (LTC) and Dogecoin (DOGE).

However, even so, the US CPI data released today recorded the slowest growth rate in 4 months. This huge positive news has boosted the crypto market, and Bitcoin (BTC) has now returned to above $83,000.

Recently, there have been frequent personnel changes within the SEC, and a large number of competing currency ETF applications have emerged in the market. Investors originally expected the SEC to make a quick decision. However, the agency chose to postpone the review of all related applications.

Currently, a total of six ETF applications involving SOL, XRP, LTC and DOGE have been delayed. The Solana ETF, which was originally scheduled to receive a SEC ruling on Tuesday, has been postponed. What is even more confusing to the market is that the SEC even announced in advance that it would postpone the review of the XRP ETF, which was not due until a few months later. The applications of Canary and Grayscale were both postponed, but Bitwise's application was not affected.

Even more puzzling is that while the SEC was delaying these ETF applications, it also accepted an XRP ETF application from financial giant Franklin Templeton, and simultaneously accepted ETFs related to DOGE and Hedera (HBAR).

Market analysts believe that the SEC may have the following three main considerations for pressing the pause button:

• Market volatility is drastic, regulators are acting cautiously

• SEC split on whether to ease cryptocurrency regulation

• The SEC is still missing a key member, and the new chairman, Paul Atkins, still needs to be confirmed by the U.S. Senate.