It’s been a volatile week for bitcoin and it’s ending on a poor note. Bitcoin is down $570 or 2.2$ to $25,445. That’s just above the August low of $25,350.
Bitcoin popped on Tuesday after the SEC lost a court case brought by Grayscale and its improper dismissal of a spot ETF. That may clear the way for a bitcoin ETF but the SEC appears to be in no hurry as it delayed decisions on bitcoin ETFs that were due this week. The slow-rolling is leading to selling and the market could be worried about Sam Bankman-Fried’s bitcoin being sold as well after his shares in Coinbase were bought back today.
In any case, there’s some support through $25,000 then down to $24,750 but if that cracks, look out below.
This article was written by Adam Button at www.forexlive.com.