The BTC exchange rate retreated to 26,027 USD on Friday, erasing all its previous gains.
Thus, localised optimism in the cryptocurrency in response to specific court decisions did not continue. A similar situation occurred with XRP this summer - the market showed enthusiasm, purchased it, and then paused, pondering what to do with it. The price gradually receded. A similar scenario is unfolding now.
The market did not continue buying because a single driver proved insufficient. Nevertheless, with investors possessing both the funds and the inclination to buy, what is required is a spark.
Support for BTC is at 25,150 USD, with 23,300 USD below this level.
The total cryptocurrency market capitalisation has dropped to 1.05 trillion USD. BTC's dominance has dropped to 48.3%, while the share of ETH remains steady at 18.9%.
SEC delays its decisions on spot Bitcoin ETFs
The US Securities and Exchange Commission (SEC) has announced the delay of decisions on seven applications for launching spot ETFs in the cryptocurrency space. Details may not be available until 17-19 October. This is discouraging news for potential buyers in the cryptocurrency market: approval for such funds by seven companies, including major ones like BlackRock and Valkyrie, could have injected substantial liquidity into the sector.
A significant portion of BTC has remained dormant for several years
At least 40% of BTC has been inactive for more than three years. According to observations from one of the cryptocurrency exchanges, this is a record-breaking figure. It is believed that long-term investors are gradually inflating coins. Based on historical data, volatility is currently considered moderate.