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Bitcoin's Dip Below $26K Wipes Out Weekly Gains for SOL, XRP, and DOGE

Sep 1, 2023 at 12:50 pm

On Friday, amidst the cryptocurrency market turmoil, only Tron (TRX) and Toncoin (TON) managed to stay in the green, each experiencing slight gains of over 1%. The broader crypto market, however, faced a significant setback as Bitcoin and major altcoins surrendered all their weekly gains. This downturn was triggered by the U.S. Securities and Exchange Commission (SEC) delaying crucial decisions regarding Exchange-Traded Funds (ETFs), dashing traders' hopes for a sustained recovery.

Bitcoin (BTC) saw its price tumble below the $26,000 mark, effectively erasing all the progress it had made earlier in the week. Over the past 24 hours, other prominent cryptocurrencies followed suit, with notable losses including Dogecoin (DOGE) and Solana (SOL), both declining by as much as 5.5%, and Ethereum (ETH), which experienced a 3.7% drop. Additionally, Bitcoin Cash (BCH) took a considerable hit, sliding by 7.7%.

Interestingly, Tron (TRX) and Toncoin (TON) stood as exceptions to this bearish trend on Friday, each registering gains of over 1%. Despite these positive movements, there were no immediate catalysts identified for their performance.

The rush to exit the market ahead of the weekend came in response to the SEC's announcement on Thursday. The SEC disclosed that it would delay its decision on all the spot Bitcoin Exchange-Traded Fund (ETF) applications, which were initially expected to be determined on Friday. These applications came from various entities, including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets, all seeking approval for a Bitcoin ETF.

This decision followed reports earlier in the week of a U.S. federal court instructing the SEC to "vacate" its previous rejection of the Grayscale Bitcoin Trust's (GBTC) attempt to convert into an ETF. GBTC, a publicly traded Bitcoin fund offered by Grayscale. This development potentially opens the door for a Bitcoin ETF in the U.S., although the SEC has consistently denied such applications in the past.

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