BTC/USD: Bitcoin Wipes Out Uptober Gains, All Eyes on SEC’s ETF Appeal Deadline Today

The financial watchdog has until midnight to decide whether it will challenge its bitter court loss to Grayscale over a spot Bitcoin ETF.

• Bitcoin BTCUSD erased its modest 2% advance for October after its fifth straight losing session pressured the price to $26,500 a pop. Dubbed “Uptober,” this month is traditionally seen as a positive run for Bitcoin as the token has logged gains for the previous four years during that time stretch.
• None of those previous Octobers, however, have been as significant as this one. By midnight today, the Securities and Exchange Commission must decide whether to appeal its bitter loss in court to Grayscale over the first US Bitcoin exchange-traded fund that holds genuine crypto.
• The top US regulator is tight-lipped on its move. For years, however, it has denied every such BTC ETF application, saying that spot Bitcoin trading holds excessive financial risks for institutional investors. But they don’t mind – BlackRock, the world’s biggest asset manager, has applied to launch a spot BTC ETF. So have rival funds Invesco and WisdomTree.