BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win

2 years ago

Bitcoin (BTC) neared two-week highs connected Aug. 29 arsenic quality deed that integer plus manager Grayscale had won a suit against United States regulators.

SEC was "arbitrary and capricious" with Bitcoin ETF rejection

Data from Cointelegraph Markets Pro and TradingView captured an instant BTC terms absorption to the event, with BTC/USD gaining $1,700 successful astir 30 minutes.

The quality upended a stale Bitcoin trading environment which had endured aft drawback losses successful mid-August.

A ruling by the United States Court of Appeals for the District of Columbia Circuit stated that the U.S. Securities and Exchange Commission (SEC) was wrong to cull an exertion by Grayscale to motorboat an exchange-traded money (ETF) utilizing the Bitcoin spot terms arsenic its basis.

“The denial of Grayscale's connection was arbitrary and capricious due to the fact that the SEC failed to explicate its antithetic attraction of akin products,” an unverified transcript circulating online states.

“We truthful assistance Grayscale's petition and vacate the order.”

Grayscale frankincense joins the waiting database of firms seeking to motorboat what would go the archetypal U.S. spot Bitcoin ETF, with the SEC yet to o.k. immoderate application.

At the clip of writing, BTC/USD circled $27,300, having reached arsenic precocious arsenic $27,723 connected Bitstamp.

Data from the Binance BTC/USD bid publication uploaded to X by monitoring assets Material Indicators covered the uptick, with each bid classes boosting buying successful what was a marketplace lacking liquidity.

“A 6-month presumption of bid publication information shows bladed liquidity to the upside that should beryllium rather casual to exploit for a retest of the $30s, but we've yet to spot capable sentiment to bash that due to the fact that the marketplace fears what volition hap if BTC starts printing little lows,” portion of investigation issued conscionable anterior to the Grayscale announcement stated.

Analyst heralds BTC terms "bull cycle" catalyst

Continuing the reaction, Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, suggested that the court’s determination could person a affirmative interaction connected the existing ETF applications, notably that of the world’s largest plus manager, BlackRock.

“This mightiness dependable weird, but we could beryllium connected the verge of the commencement of the bull rhythm with this news,” helium summarized to X followers successful portion of commentary connected the backmost of a dedicated video update.

As Cointelegraph reported, Grayscale’s ineligible conflict with the SEC was lengthy and slow-moving, with CEO Michael Sonnenshein among those insisting that the steadfast would not remainder until granted permission to person its existing Bitcoin concern vehicle, the Grayscale Bitcoin Trust (GBTC), to an ETF.

“Thank you to everyone who has been connected this travel with us, particularly our investors,” Sonnenshein wrote connected X pursuing quality of the SEC’s setback.

“We are grateful for your enactment and encouragement. Next up: our ineligible squad is actively reviewing the Court's opinion.”

The GBTC stock terms was up implicit 17% connected the time astatine the clip of penning astatine $20.60.

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