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

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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

 

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