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The Securities and Exchange Commission (SEC) is delaying a decision on Grayscale, 21Shares, Bitwise and Canary’s Ripple XRP ETF applications. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the regulator said on Tuesday. The decision is a step back for the crypto community, which was looking for the monumental approval of the first XRP ETFs. These four applications are the only ones that have been delayed thus far, but more may come in the coming hours. Additionally, the regulator has already made several decisions in support of crypto, including dropping investigations into several top exchanges. However, the SEC needs more time to consider the launch of a new XRP ETF. Grayscale, the leading crypto asset manager, originally filed to convert its XRP trust into an ETF in late January. The proposal w...

The Bitcoin price jumped 3% in the last 24 hours to trade at $60,716 as of 04:02 a.m. EST on trading volume that skyrocketed 46% to $29 billion. This comes as Zach Pandl, managing director of research at fund management giant Grayscale Investments, said that Bitcoin will skyrocket in future regardless of the outcome of the upcoming US election. Bitcoin Price Is Set For A Rebound The Bitcoin price has been on a downtrend since it hit its all-time high of $73,737 in March, trading within a falling channel pattern, data from GeckoTerminal shows.  With the price of Bitcoin having retested the $70,000 resistance, the BTC bulls are aiming to propel the price to the resistance and soar higher. The Relative Strength Index (RSI) seems to be rebounding from the neutral zone and surging towards the overbought region, currently at 50. This is an indication that buyers are buying and also preparing to buy more as the RSI moves in equilibrium. If the buyers enter into more positions at t...

Although this is a huge development for the Bitcoin community, the court ruling doesn’t mean that GBTC will automatically convert to a spot Bitcoin ETF. Bloomberg analyst James Seyffart throws some light as to what could be the next SEC actions after the recent development. advertisement The SEC could just proceed with allowing the conversion of the GBTC product to a spot Bitcoin ETF. However, considering the SEC’s past rejections of this investment product, this isn’t going to be a cakewalk. Now, if they have to stop Grayscale from proceeding with the spot Bitcoin, they have two options: Seyffart says that the SEC would need to revoke the approval of Bitcoin Futures ETFs. The recent directive from the DC Circuit essentially states that you cannot raise concerns about market manipulation while permitting Bitcoin futures ETFs. However, he believes that the probability of this happening is quite low. The second option is to reject based on previo...