Hundreds of millions of dollars worth of crypto assets have been liquidated during the last day as the king crypto dips below the $26,000 level. The correction comes days after Bitcoin sparked a rally following Grayscale’s legal victory against the U.S. Securities and Exchange Commission (SEC) over the creation of a spot market BTC exchange-traded fund (ETF). In the case, a judge ruled that the SEC must reconsider its position to remain consistent. However, the following day, the regulatory agency announced that it would be delaying its decision on whether or not it would approve spot market BTC ETFs for Invesco, WisdomTree, and Valkyrie.
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