In less than a day, Bitcoin (BTC<\/a>) has shed nearly all the gains it made from Grayscale Investment’s court victory against the United States Securities regulator.<\/p>\n On Aug. 29 Bitcoin popped to a two-week high<\/a> after a judge ruled that the Securities and Exchange Commission was \u201carbitrary and capricious\u201d when it rejected Grayscale\u2019s spot Bitcoin ETF application. <\/p>\n However, the SEC\u2019s recent delay to seven pending<\/a> spot Bitcoin ETF applications has sent Bitcoin\u2019s price downwards, falling nearly 5% in the last 24 hours.<\/p>\n Cointelegraph Markets Pro data<\/a> shows Bitcoin\u2019s price is currently around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win. <\/p>\n BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fidelity along with the joint fund by Invesco and Galaxy were all delayed on Aug. 31 by the SEC.<\/p>\n The price decline came even though some were\u00a0expecting the delays to take place<\/a> including Bloomberg ETF analysts Eric Balchunas and James Seyffart. <\/p>\n We\u2019ve now fully retraced back to pre SEC Grayscale Lawsuit Bitcoin price.<\/p>\n Pretty much sums up where the markets at right now. pic.twitter.com\/PS4T12uHFh<\/a><\/p>\n \u2014 Ben Simpson (@bensimpsonau) August 31, 2023<\/a><\/p><\/blockquote>\n The SEC\u2019s delay allows it another 45 days to approve, deny or again delay the applications.<\/p>\n Related: <\/em><\/strong>When will it be too late to invest in Bitcoin?<\/em><\/strong><\/a><\/p>\n The next decision deadlines for the ETF applications are between Oct. 16 and Oct. 19, though the SEC can also choose to delay to decision up to around mid-March next year when it will be forced to make a decision.<\/p>\n However, Balchunas said on Aug. 30 that the probability of the SEC approving a spot Bitcoin ETF this year was 75% \u2014 up from an earlier prediction of 65%.<\/p>\n He pinned the probability hike on Grayscale\u2019s court win saying the judge’s unanimous rejection of the SEC\u2019s arguments means it \u201cwill struggle to justify further denials as it faces deadlines.\u201d<\/p>\n Magazine: <\/em><\/strong>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/a><\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/48f69bb8-052b-4d3a-bd47-b6e940ada6cc.png\")
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