After several weeks of lack of any major developments in the crypto industry, the past few days saw an increased number, mostly surrounding the potential launch of a spot Bitcoin ETF in the States. Naturally, this impacted the asset’s price quite a lot.

It all started on Tuesday when Grayscale – the largest crypto asset manager – won a court battle against the SEC. A US judge sided with the crypto company and ordered the Securities and Exchange Commission to “vacate” its decision to reject the review of Grayscale’s application to turn its GBTC into a spot BTC ETF.

The cryptocurrency reacted with an immediate price uptick that pushed it north by over two grand. This resulted in a two-week peak at just over $28,000.

While the community was preparing the champagne in anticipation of the actual approval of a spot Bitcoin ETF, the securities regulator made a somewhat expected move and delayed the decision on all current applications, including BlackRock’s.

This, along with the declining hype and other potential warning signs, led to a price dump for BTC and the rest of the market. Bitcoin, for one, plummeted by $1,000 on Thursday and more than $1,500 in the past 24 hours. Consequently, the asset erased all of the Grayscale-induced gains and even fell to a new two-week low at $25,600 hours ago.