The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Bitcoin ETF applications, leading to a 3.7% drop in the cryptocurrency market capitalization. Bitcoin, which accounts for almost half of the market, experienced a 4.5% loss. The SEC delay caused Bitwise, one of the Bitcoin ETF applicants, to withdraw its application. The market was hopeful that a Bitcoin ETF approval would attract institutional investors and bring more capital into the sector. However, the decline in the market is also influenced by massive long liquidations and the strengthening of the U.S. dollar.
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