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Bitcoin experiences price increase despite ETF delay

Bitcoin experiences price increase despite ETF delay

On November 15th, the price of Bitcoin (BTC) had its highest daily closing of the year. This was remarkable because it was announced last night that the decision regarding the Bitcoin ETF would be postponed. The price of Bitcoin did not seem to be affected by this.

SEC postpones decision on ETF

Last night, the SEC announced the postponement of the Hashdex Bitcoin spot ETF and the Grayscale Ethereum futures ETF application. The deadline for both applications was set for November 17th. Another BTC ETF contender is the asset manager Franklin Templeton, with a deadline set for November 17th.

Bitcoin price unaffected by recent developments

Bitcoin dropped from $37,400 (€34,460) to $36,800 (€33,910) after the SEC announcement. However, Bitcoin quickly recovered and the price rose to its peak of $37,806 (€34,840). Bitcoin is currently struggling with the resistance level of $37,500.

At the time of writing, the price of BTC is $37,479 (€34,366). In one month, Bitcoin has risen by a whopping 30%. In the past 24 hours, it has increased by almost 4%.

Altcoins also continue to rise

Not only Bitcoin shows significant gains, but altcoins also experience substantial increases. For example, Render Token (RNDR) saw a 25% increase in the past 24 hours. Avalanche also performed well, with a 20% increase in 24 hours.