$BTC Drops $2,600 Amid a $55B Market Wipeout After SEC’s Delay on Exemption Model

The crypto market is facing another sheer downtrend following the announcement of the U.S. SEC’s latest decision. In this respect, the U.S. SEC is delaying the exemption model for tokenized cryptocurrency stock trading. As per the data from Bull Theory, this decision has led to a $2,600 drop in Bitcoin’s ($BTC) price. In addition to this, the total market capitalization of $BTC has experienced a $55B wipeout.

SEC Delay on Exemption Model Targeting Crypto Stock Trading Wipes out $55B from Bitcoin’s Market Cap

The United States Securities and Exchange Commission (SEC) has delayed the plan for an exemption model targeting crypto-based stock trading. Thus, the leading cryptocurrency went through a noteworthy 3.4% dip in its value, dropping below $77,800. This reportedly accounts for a $2,600 total drop over the past 24 hours.

The respective decline parallels a $55B wipeout from the top crypto asset’s market capitalization. At the same time, the long $BTC positions incurred a liquidation of more than $500M within only 12 hours. In such a scenario, the traders are keenly watching for a potential market shift that could lead to another happy phase.

Ethereum ($ETH) Plunges by 3.40% Amid Wider Market Impact

Apart from Bitcoin ($BTC), Ethereum ($ETH) has also witnessed a notable impact after the SEC’s decision. Particularly, the leading altcoin underwent a 3.40% drop. This resulted in a cumulative wipeout of almost $8.5B.

According to Bull Theory, the SEC’s delay on the exemption plan does not seem a short-term event. Rather, it could emerge as a pivotal movement in the regulatory journey of the crypto sector. Specifically, for Bitcoin ($BTC) and Ethereum ($ETH), this immediate correction is the short-term impact of the event. Overall, this has diverted all attention toward the upcoming announcements from the SEC.