The Fear & Greed scores 35 points, which translates as “fear” in the crypto ecosystem.
the bitcoin collapsed near a 5% in the last hours and lost the barrier of the $26,000 to later recover it and trade slightly above that value. This I sawErnest September 1 the cryptocurrency operates in $26,011.55.
Meanwhile, the index Fear & Greed He is in the orange zone, scoring 35 points, which translates as “fear” in the market of cryptocurrencies. A lower reading on this index can be interpreted as “extreme fear”, which is often seen as a buying opportunity. On the other hand, a high feeling of “greed” It can indicate that the market is about to correct itself.
After the recent judicial victory of Grayscale on the Securities and Exchange Commission (SEC), initial optimism quickly turned to caution. This change in sentiment is due to the latest SEC decision to extend the deadline for approval or rejection of exchange-traded funds (ETF) of Bitcoin proposed by BlackRock, WisdomTree, Valkyrie and other companies. The regulator postponed this decision until mid-October, specifically between days 16 and 19.
The SEC has a total of 240 days from the start of the application review to make a final decision on approval or rejection. Historically, the SEC spent all available time for comment and review, which has led to delays in final decisions.
Bitcoin: what could happen regarding the SEC
It is important to note that the SEC could extend again the deadline to respond to these requests, since they started the review of the ETFs in mid-July. Most experts believe the SEC is unlikely to make a decision on these applications until well into the first half of 2024.
Recently, Bloomberg analysts, Eric Balchunas and James Seyffart, they increased the probability of approval of a spot Bitcoin ETF in 2023 to 75%, but warned that a delay is likely.
However, it is clear that cryptocurrencies, especially Bitcoinhave returned to the levels prior to the increase that followed the victory of grayscale.
As for the market in general, notable falls of between 3% and 4% were observed in most of the major altcoins such as Cardano (ADA), Solana (SOL), Ripple (XRP) and Dogecoin (DOGE).
Source: Ambito
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