FocusBitcoin price falls to $26k after SEC delays decision on spot ETF applications

Cryptocurrency prices corrected lower on Thursday as the momentum generated by the U.S. Court of Appeals’ decision in the Grayscale vs. Securities and Exchange Commission (SEC) case has faded, while the strengthening U.S. dollar put pressure on asset prices across financial markets.
The selloff in the crypto market accelerated in the afternoon after the SEC announced a delay in its decision on the spot Bitcoin ( $Bitcoin(BTC.CC)$ ) exchange-traded fund (ETF) applications by $Blackrock(BLK.US)$ , $Valkyrie Bitcoin and Ether Strategy ETF(BTF.US)$ , $Invesco(IVZ.US)$ , and $WisdomTree(WT.US)$ , pushing its ruling until at least October.
Stocks traded mixed after the Personal Consumption Expenditures (PCE) Index showed that high inflation persists, while the bounce-back in the DXY put a cap on any upside moves for assets that managed to increase in price on Thursday. At the closing bell, the $S&P 500 Index(.SPX.US)$ and $Dow Jones Industrial Average(.DJI.US)$ finished in the red, down 0.16% and 0.48%, respectively, while the $Nasdaq Composite Index(.IXIC.US)$ gained 0.11%.
Data provided by TradingView shows that after holding support at $27,000 throughout the morning, Bitcoin’s price experienced a steep sell-off in the afternoon, hitting a low of $25,925 before bulls managed to push it back above $26,000. The move lower erased all the gains seen after Tuesday’s Grayscale ruling.