Bitcoin, Other Major Cryptocurrencies Under Siege after Negative SEC’s Ruling on Bitcoin Spot ETFs
The main reason for the sudden price pressure on Bitcoin (BTCUSD) and other major cryptocurrencies is mainly the recent unfriendly actions by the SEC.
As many already know, the U.S. Securities and Exchange Commission (SEC) has postponed until October a decision on the spot BTC-ETF from all three major applicants – WisdomTree, Invesco Galaxy and Valkyrie.
Bitcoin fell further after this news, losing ~4.6% in the last 24 hours.
However, Glassnode reported continued advancements in the Bitcoin wallets – both quantitatively and quantitatively, i.e. in regarding their users’ minimum holdings per unit. This is a good sign for a return to growth in the near future, especially eyeing the upcoming 2024’s Bitcoin halving – whether with or without a positive judgment from SEC.
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