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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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Ether, Dogecoin, Solana Slide as Bitcoin Fails to Sustain Early-Week Breakout
The pullback followed Tuesday's brief spike above $94,500, a move that triggered a minor short squeeze but failed to break the resistance that has capped bitcoin for most of the past three weeks.
What to know:
- Bitcoin fell toward $90,000 as crypto markets lost ground despite a Federal Reserve rate cut.
- Over $514 million in leveraged positions were liquidated, with major tokens like Ether and Solana also declining.
- Analysts suggest Bitcoin must surpass $94,000 to signal a significant rebound, amid concerns over macroeconomic conditions and market liquidity.
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