Bitcoin briefly dropped below $26,000 early this morning as optimism around the approval of a Bitcoin ETF application was again delayed.

Yesterday, the SEC extended the deadline to approve or deny six ETF decisions by 45 days, citing the need for additional time to evaluate the applications.

The negative price movement over the past day reversed the bullish gains in BTC following the Grayscale court decision earlier this week.

On August 29, the U.S. Court of Appeals for the D.C. Circuit overturned the SEC’s decision to block Grayscale from converting its Bitcoin Trust (GBTC) to a spot Bitcoin ETF, ordering the Commission to review the application again.

The ruling raised hopes of imminent approval, pushing Bitcoin’s price surged to a peak near $28,000, per CoinGecko, on Wednesday after the court’s verdict came out.

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Author: Nivesh Rustgi

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