Cryptocurrency traders were disappointed this week as the U.S. Securities and Exchange Commission (SEC) delayed key decisions on exchange-traded funds (ETFs) that were expected on Friday. As a result, Bitcoin (BTC) and major tokens such as Dogecoin (DOGE), Solana (SOL), Ether (ETH), and Bitcoin Cash (BCH) all gave back all weekly gains and slid under $26,000. The only tokens to remain in the green were Tron (TRX) and TONCoin (TON), which rose over 1% each.
The SEC’s decision to delay ETF decisions came after a U.S. federal court ordered the SEC to vacate its rejection of the trust issuer’s bid to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. GBTC is a publicly traded bitcoin fund offered by Grayscale, which could potentially open the door for a spot bitcoin ETF in the U.S. Despite this, the SEC has yet to approve any ETF applications it has reviewed to date.
Quotes: Bitcoin and major tokens gave back all weekly gains as the U.S. Securities and Exchange Commission delayed key ETF decisions that were expected on Friday, dampening traders’ hopes of a long-term recovery and The SEC’s decision to delay ETF decisions came after a U.S. federal court ordered the SEC to ‘vacate’ its rejection of the trust issuer’s bid to convert the Grayscale Bitcoin Trust (GBTC) into an ETF.