Bitcoin, Ethereum, Dogecoin Drop As SEC Puts Off Spot ETF Decision Until October: Analyst Predicts Apex Crypto Poised For Imminent Breakout, To Reach $30K Levels

Major cryptocurrencies faced a significant downturn on Thursday as investors await the release of the U.S. payroll report for August. 

What Happened: The decline can be attributed to the Securities and Exchange Commission’s (SEC) announcement on Thursday, delaying seven spot Bitcoin exchange-traded fund applications until October.

This news affects prominent asset managers such as BlackRock, WisdomTree, and VanEck who are now subject to the delay.

Investors are now focusing on the upcoming non-farm payroll data scheduled to be released on Friday morning. Traders are hopeful that the report will reveal a significant slowdown in the economy, prompting the central bank to reconsider their benchmark interest rate hikes.

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Currently, the global crypto market capitalization stands at $1.08 trillion, a 0.98% decrease in the last day.

The Nasdaq Composite extended its winning streak to five days, despite experiencing its biggest monthly loss of 2023. The tech-heavy index saw a slight gain of 0.11%, while the S&P 500 dipped by 0.16%.

In economic news, the core personal consumption expenditures (PCE) index, a key inflation indicator closely monitored by the Federal Reserve, rose by 0.2% month over month in July and 4.2% year over year. 

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Analyst Notes: Crypto analyst Michael Van De Poppe Bitcoin has seen a pump to $28,000, but has started to consolidate since. 

Van De Poppe notes that Bitcoin recently experienced a significant surge to $28,000, but has since entered a consolidation phase. This consolidation is attributed to the desire of many individuals to sell during price increases, anticipating a further decline in value. Van De Poppe further suggests that there is a high probability of a delay in ETF approval, with an expected acceptance potentially occurring in either October or December. 

"Atleast we’ll be seeing an acceptance for the Ethereum ETF Futures in October. Given the fact that many stops are placed beneath the breaker (which is the last candle before the surge took place), Bitcoin should be holding above $26,500-26,800," he said.

New data from market intelligence platform IntoTheBlock suggests that Bitcoin is poised for an imminent breakout. According to IntoTheBlock, there is a strong possibility for Bitcoin to retest the significant psychological level of $30,000 after a bullish event. This conclusion is drawn from the considerable number of Bitcoin buyers within the price range of $27,345 and $30,000.

"Bitcoin is back in the spotlight as Grayscale emerges victorious from its SEC lawsuit. The next milestone? $30,000. Our on-chain data reveals that 6.2 million addresses acquired ~2.6 million BTC between the current price and $30,000. These ‘bubbles' are significant and could burst two ways."

https://twitter.com/intotheblock/status/1697220391515681060

Pseudonymous analyst Rekt Capital believes that the BTC ETF will predominantly serve as a long-term catalyst for price, suggesting that its impact should not be overemphasized in the short term.

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