The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on six spot Bitcoin ETF applications until October, marking a significant setback for the cryptocurrency industry. Many had hoped for a positive ruling that would enhance Bitcoin’s legitimacy as an investment asset, but the delay has contributed to a drop in Bitcoin’s price, which has fallen below $26,000. This decline is part of a broader sell-off in the market, impacting Ethereum as well, with its price dropping below $1,600, likely due to Bitcoin’s performance and concerns surrounding the upcoming Ethereum merge.
In contrast, Solana’s price has surged following Visa’s announcement to support the Solana blockchain for its USDC stablecoin, which could lead to greater adoption of the platform. Additionally, Altab Capital, a crypto hedge fund, revealed its expansion to London, drawn by the UK’s favorable regulatory environment for cryptocurrencies. Overall, the market is experiencing volatility due to regulatory uncertainties while specific developments, like Visa’s support for Solana, highlight opportunities for growth in different segments of the crypto ecosystem.
