I think that $1,300 mark will be displayed and reached again for the next months. Don't get hasty with it, this ETF decision is just nothing compare on what did bitcoin went through before reaching the ATH. SEC will be regretting on what they had done for rejecting it though for me it doesn't have a big impact, I know bitcoin will pump again as usual.
I think SEC rejection is only a temporary thing. they will eventually be forced to accept bitcoin and other cryptocurrencies as they become more prevalent.
Other than the ETF rejections not having any impact on the market, the SEC has made clear that they are not going to approve any sort of ETF in the coming years.
The reasons for rejection they named are clear. Bitcoin's free market nature will remain for a long time, which basically means that as long as that is the case, the SEC is not going to approve any ETF.
I won't even be surprised if turns out that they have blindly rejected the ETFs without doing proper research. It's not in the benefit of the government to push Bitcoin to the next level.
ETFs open doors for professional/institutional money to flow "into" Bitcoin, and I am sure that's exactly something the government don't like to see happen.
Bitcoin once was a tiny dot that no one was taking seriously, and look now, things are getting serious to the point that governments are starting to show resistance.
