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Bitcoin Slides Under $26K, Majors SOL, XRP, DOGE Erase All Weekly Gains
Only tron (TRX) and toncoin (TON) were in the green on Friday, up over 1% each on no immediate catalysts.
Updated Sep 1, 2023, 3:18 p.m. Published Sep 1, 2023, 9:08 a.m.
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.
Bitcoin slid under $26,000 to retrace all gains made earlier this week. In the past 24 hours, majors and solana fell as much as 5.5%, and ether lost 3.7%. Elsewhere, slid 7.7%.
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Only and were in the green on Friday, up over 1% each on no immediate catalysts.
The rush for the exits ahead of the weekend came as the SEC said late Thursday it had delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets earlier this year.
This followed from Tuesday's reports of a U.S. federal court ordering the SEC to "vacate" its rejection of the trust issuer's bid to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund.
GBTC is a publicly traded bitcoin fund offered by Grayscale (Grayscale and CoinDesk share the same parent company, Digital Currency Group), which could potentially open the door for a spot bitcoin ETF in the U.S - even as the SEC has disapproved every such ETF application it's reviewed to date.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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