Bitcoin and Ethereum dropped due to the SEC's ETF decision delay

Earlier today, Bitcoin briefly fell below the $26,000 mark amidst delayed optimism surrounding the approval of a Bitcoin ETF application. Yesterday, the SEC decided to extend the deadline for reviewing six ETF proposals by an additional 45 days, citing the need for more time to assess these applications. This recent drop in Bitcoin's price has negated the bullish momentum it gained earlier this week following the Grayscale court ruling. The U.S. Court of Appeals for the D.C. Circuit overturned the SEC's previous decision to block Grayscale from converting its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This ruling had initially sparked hopes of imminent approval, leading Bitcoin's price to surge to nearly $28,000 according to CoinGecko. 

Ethereum (ETH) also experienced a 3.5% dip since yesterday. The overall cryptocurrency market capitalization saw a 3.5% decline, shedding $11.2 billion overnight. Notably, Maker (MKR) and Toncoin (TON) defied this bearish trend, showing positive gains. MKR was up by 5%, while TON increased by 3% over the past 24 hours. Toncoin's positive momentum can be attributed to ongoing ecosystem development by the TON Foundation, which oversees and advances the Ton blockchain. Investors are currently awaiting the release of August U.S. employment data later today, which is expected to provide more insight into potential decisions regarding interest rate hikes.

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