Bull or Bear? How SEC Actions Correlate with Market Prices

The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of any affiliated entity. It’s essential to recognize that every investment and trading decision carries inherent risks, and individuals should conduct their own research before proceeding.

Earlier this week, the cryptocurrency markets experienced a decline, with Bitcoin (BTC) falling below the $6,500 support level and Ethereum Classic (ETC) dropping significantly to under $400 (current rates are approximately $6,620 for BTC and $319 for ETC). In the context of this volatile and lightly regulated market, it’s crucial to understand that external news may have a limited impact on prices. The recent downturn appears to be correlated with the decision by the U.S. Securities and Exchange Commission (SEC) to delay its ruling on the approval and trading of a Bitcoin exchange-traded fund (ETF) until late September.