Bitcoin Traders Brace for SEC's Delayed Spot ETF Decision

The price of Bitcoin (BTC) experienced a sharp rise and subsequent fall after two events impacted pending applications for spot Bitcoin ETFs. Bitcoin initially surged to a two-week high following a court victory by Grayscale Investments against the SEC, but then dropped nearly 5% after the SEC decided to delay seven pending spot Bitcoin ETF applications. The SEC's delay gives it another 45 days to approve, deny, or further delay the applications, with the next decision deadlines set for October. Despite the setback, some experts believe there is a 75% chance of the SEC approving a spot Bitcoin ETF this year, citing Grayscale's court win as a factor.