{"id":5301,"date":"2023-09-01T13:37:07","date_gmt":"2023-09-01T13:37:07","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/bitcoins-decline-continues-for-second-month-despite-grayscale-ruling\/"},"modified":"2023-09-01T13:37:08","modified_gmt":"2023-09-01T13:37:08","slug":"bitcoins-decline-continues-for-second-month-despite-grayscale-ruling","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=5301","title":{"rendered":"Bitcoin’s Decline Continues for Second Month Despite Grayscale Ruling"},"content":{"rendered":"
\n

The price of Bitcoin (BTC) ended down for the second consecutive month yesterday, despite bullish news that a spot Bitcoin exchange-traded fund (ETF) could be coming soon.<\/p>\n

For August as a whole, the BTC price ended down just over 11%, from around $29,200 at the beginning of the month to 25,900 at the end of the month.<\/p>\n

Notably, the price remained relatively stable in a trading range between $26,000 and $26,500 for the second half of the month, until the price suddenly jumped by more than 6% on August 29.<\/p>\n

The jump in price in late August followed news that digital asset management firm Grayscale, the company behind the Grayscale Bitcoin Trust (GBTC), had won a lawsuit against the US Securities and Exchange Commission (SEC).<\/p>\n

The win means that the SEC now cannot legally stop Grayscale from converting its Bitcoin Trust to a spot-based exchange-traded fund (ETF), something the firm for a long time has wanted to do.<\/p>\n

\u2018Short-term boost\u2019 to trading activity<\/h2>\n

Commenting on this month\u2019s price moves to Bloomberg, Fiona Cincotta, senior market analyst at CFD and forex broker City Index, said the recent news has led to a boost in trading activity.<\/p>\n

\u201cIt has been a painfully quiet month for the cryptocurrency but this week has been the exception. The Grayscale news has provided a short-term boost but with regulators still keen to tame the wild west of the financial world, this story could be more drawn out,\u201d Cincotta said.<\/p>\n

SEC delay sent prices down again<\/h2>\n

Despite the boost that came with the Grayscale news, prices fell lower again only two days later when news broke that the SEC had decided to delay a decision on whether or not to approve ETF applications from six out of seven applicants.<\/p>\n

The six applications that received a delay notice were those from Fidelity, WisdomTree, Valkyrie, VanEck, Bitwise, and Invesco.<\/p>\n

The seventh application, from asset management giant BlackRock, has so far not received a response from the SEC, although many believe that firm will also have its application decision delayed.<\/p>\n

As of Friday at press time, BTC remained down by 4.6% for the past 24 hours, trading at just above the $26,000 level.<\/p>\n

For the past seven days as a whole, the price was more or less unchanged.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin (BTC) ended down for the second consecutive month yesterday, despite bullish news that a spot Bitcoin exchange-traded fund (ETF) could be coming soon. For August as a whole, the BTC price ended down just over 11%, from around $29,200 at the beginning of the month to 25,900 at the end of […]<\/p>\n","protected":false},"author":1,"featured_media":5302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-5301","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"\nBitcoin's Decline Continues for Second Month Despite Grayscale Ruling | Prosfunds<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin (BTC) ended down for the second consecutive month yesterday, despite bullish news that a spot Bitcoin exchange-traded fund (ETF)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=5301\" 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