Before crypto investors had time to rejoice, the digital asset market was again hit by gloom with a more severe fall yesterday than the surge that occurred last Tuesday.
This is due to reports that the United States (US) Securities and Exchange Commission (SEC) has suspended ETC Bitcoin spot applications for seven firms including BlackRock, Invesco, WisdomTree and others.
This news follows developments in the recent lawsuit victory by Grayscale Investment over the SEC.
SEC Chairman Gary Gensler continues to defend the rejection of ETF applications as a measure to protect investors from any potential threats in the industry.
Invoking concern in the crypto market, the price of Bitcoin has fallen back below the $27,000 level to reach $26,000 again.
Previously, the crypto king's surge had reached a high of $28,000 last Tuesday, but it seems to have ended on a gloomy note at the end of the week.
Ethereum slipped below $1,700 again to around $1,640, paring back its earlier gains.
XRP experienced a significant decline after last Tuesday's surge reaching the $0.55 price level. The price plummeted to around $0.50 again.
