The SEC has delayed a decision on Bitcoin ETF applications from BlackRock and Fidelity, as well as other companies. The news caused a sharp drop in the price of Bitcoin.
The next decision on applications will be made in October 2023. The SEC explained that it needed additional time to evaluate the applications and make a decision.
They also noted that there is a risk of market manipulation and insufficient investor protection. The cryptocurrency market reacted to this news by reducing the price of Bitcoin. In July 2023, the SEC began the process of reviewing applications for registration of spot Bitcoin ETFs, and Bloomberg analysts estimated the likelihood of approval of such funds at 75%.