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ETF Decisions Deferred, DeFi Scores A Huge Win in the Courts

Aug 31, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update In July, the core personal consumption expenditures (PCE) index increased by 0.2% month-over-month and 4.2% year-over-year, meeting economists' projections. This led to a significant pullback in rates and a bond market rally. Surprisingly, the Dollar Index (DXY) also surged, likely exerting downward pressure on cryptoasset prices. Amid these market dynamics, major equity indices experienced slight gains. $BTC retraced its earlier post-Grayscale rally gains, a trend also seen in Ethereum and other altcoins. The exception was Maker ($MKR), which rose around 10% without an identifiable catalyst. As the week progresses, investor focus is shifting toward the non-farm payroll data due out on Friday, with economists forecasting 170k job additions.In a move that aligns with market expectations, the SEC has deferred its rulings on several Bitcoin spot ETF applications, specifically those from WisdomTree, Valkyrie, and Invesco. Meanwhile, decisions on other applications from VanEck, Bitwise, Fidelity, and BlackRock are still pending and are due shortly, as per the schedule. The prevailing sentiment suggests that all ETF proposals are likely to face delays until at least the next key deadline, making October a significant month for potential updates. While Bitcoin experienced

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