Bitcoin faced a setback today ahead of a decision by the US Securities and Exchange Commission (SEC) regarding the approval of an ETF linked to the world’s largest cryptocurrency.
The token traded at around $43,733 as of 6.15 AM in New York on Friday, marking a decline of 1.71% in the last 24 hours. Trading around $43,733, Bitcoin experienced a 1.71% drop in the last 24 hours, reported Bloomberg.
Earlier in the week, it had reached $45,911 but suffered a more than 9% decline on Wednesday amid market leverage and concerns about the upcoming SEC decision. Other cryptocurrencies like Ether, Solana’s SOL and Ripple’s XRP also saw declines ranging from 1% to 5%.
The SEC has until January 10 to decide on ETF applications from major asset managers advocating that a regulated financial instrument, such as an ETF linked to the cryptocurrency’s spot price, would provide the optimal avenue for bitcoin investment. However, the regulatory body has consistently rebuffed such offerings, asserting that they do not meet its standards for ensuring investor protections.
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