News Formal

SEC's ETF decision delay triggers profit-taking in crypto market

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 34 sec. here
  • 12 min. at publisher
  • 📊 Quality Score:
  • News: 52%
  • Publisher: 78%

Finance News

SEC,ETF,Crypto Market

The SEC's decision to delay several ETF decisions led to profit-taking in the crypto market. Traders prepare for a correction lower before reentering the market. Stocks traded mixed as signs of consumer spending cutbacks and doubts about interest rate cuts emerge. Bitcoin price falls after hitting a high of $38,010, but recovers above $36,000.

(Kitco News) - Thursday was a red day for the crypto market after a move by the SEC to delay several ETF decisions was the signal that traders needed to take profits on their recent gains and prepare for a correction lower before they look to reenter the market. Stocks traded mixed as signs are beginning to emerge that the American consumer may need to cut back on spending in response to sticky inflation.

At the same time, traders have also lost some of their conviction that the Federal Reserve will start to lower interest rates early in 2024. At the closing bell, the S&P and Nasdaq finished higher, up 0.12% and 0.07%, respectively, while the Dow recorded a loss of 0.13%. West Texas Intermediate crude oil also fell 5% and trades just above $73 a barrel, its lowest price in four months. Data provided by TradingView shows that after topping out at $38,010 late on Wednesday, Bitcoin (BTC) bears took control of the price action and pushed the top crypto lower throughout the trading day, hitting a low near $35,500 before dip buyers pushed it back above $36,00

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cryptocurrency Market Resumes Uptrend as Bitcoin Price Surges HigherThe cryptocurrency market resumed its uptrend on Wednesday afternoon as Bitcoin's price surged higher, pulling the rest of the crypto market along for the ride as traders grow increasingly optimistic about the fledgling bull market.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bitcoin Plunges in Deeper Correction as Stocks Surge on Fed Rate Hike SpeculationThe deeper correction that analysts had been warning about hit the crypto market on Tuesday as Bitcoin (BTC) underwent a selloff that briefly erased all of its gains over the past week before dip buyers arrived to push it back above support at $35,500.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »