Bitcoin Rallies to Nearly $82,000 as SEC Delays ETF Decisions
Bitcoin (BTC) rebounded to nearly $82,000 after dropping below $78,000, contributing to a rise in other major tokens including Ether (ETH), BNB Chain's BNB, XRP, and Cardano's ADA by up to 3%. The CoinDesk 20 index increased by almost 4%.
The U.S. Securities and Exchange Commission (SEC) postponed decisions on ETF filings for XRP, Dogecoin, and Litecoin. Analysts previously estimated approval odds at 90% for Litecoin, 75% for Doge, and 65% for XRP by year-end. This delay is creating uncertainty in the market.
Traders anticipate a potential drop to around $74,000 before any upward movement. Alex Kuptsikevich of FxPro noted that past declines typically attracted buyers, but current market conditions influenced by traditional finance may alter this pattern. He suggests a pullback to the $70-$74K range is likely.
Senator Cynthia Lummis reintroduced the BITCOIN Act, proposing that the U.S. government purchase 1 million BTC over five years as a strategic reserve. This would involve allocating $6 billion annually from reserve banks between 2025 and 2029 to acquire Bitcoin, using funds linked to the Federal Reserve's gold certificates.
Speculation exists regarding future inclusion of major tokens like XRP, SOL, and ADA in such reserves following Lummis's bill reintroduction.