[Bitcoin Now] Spot ETF Review Postponed, Price at $25,900... Investor Sentiment 'Fear'

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The price of Bitcoin is hovering around $25,900 as the U.S. Securities and Exchange Commission (SEC) delays the announcement of its review results for Bitcoin spot exchange-traded funds (ETFs).

According to CoinMarketCap, a global cryptocurrency market data site, as of 3:19 PM on the 3rd, the price of Bitcoin was recorded at $25,901 (approximately 34.23 million KRW), up 0.38% from the previous day.

As recently as the 30th of last month, Bitcoin's price approached $28,000 due to growing expectations for the launch of a Bitcoin spot ETF. The U.S. Federal Court of Appeals in Washington, D.C. ruled that the SEC must reconsider the listing of the Bitcoin spot ETF application submitted by asset management firm Grayscale Investments. The SEC had previously rejected approval for Bitcoin spot ETFs, but the court's intervention acted as a positive factor for Bitcoin's price. The inclusion of cryptocurrencies within the regulatory framework, as well as the need for large-scale Bitcoin purchases to operate ETF products, improved investor sentiment.

However, Bitcoin's price declined after the SEC postponed the announcement of the Bitcoin spot ETF application results. The price fell to the $25,400 range the day before. Earlier, on the 31st of last month, the SEC announced that it would delay the announcement of the results for Bitcoin spot ETF applications submitted by seven asset management firms, including BlackRock, until June 16-17.

Additionally, the continued impact of monetary tightening has kept the previously rising benchmark interest rates from falling, which has also contributed to the price decline. With rising government bond yields and the possibility of further hikes, investment in risk assets remains subdued.

Cryptocurrency investor sentiment remains at a fearful level. According to data from cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, rose by 1 point from the previous day to 40 points (fear). Compared to 38 points (fear) a week ago, it increased by 2 points. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.