Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions

In less than a day, Bitcoin has shed nearly all the gains it made from Grayscale Investment's court victory against the United States Securities regulator.

On Aug. 29, Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application.

However, the SEC’s Aug. 31 decision to delay seven pending spot Bitcoin ETF applications sent Bitcoin’s price downward — falling nearly 5% in the 24 hours to 12 am UTC Sep. 1.

Cointelegraph Markets Pro data showed Bitcoin’s price at around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win.

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Sep-1-2023 09:13:17 AM