BTC Price Nearing Two-Week Highs because there is news that Digital asset manager Grayscale wins lawsuit against US regulators
information from TradingView The BTC price response was immediate to the event, with BTC/USD rising $1,700 in about 30 minutes and the news stagnates the Bitcoin trading environment for several days. Including having to endure a rapid loss in mid-August “disappeared” completely
The U.S. Court of Appeals decision states that the U.S. Securities and Exchange Commission Guilty of denying Grayscale’s request to launch a Spot Bitcoin ETF based on Bitcoin’s spot price.
“Rejecting Grayscale’s offer is arbitrary. Because the SEC cannot explain the different practices of similar products. Therefore, we let Grayscale win and cancel the order.””
Michael van de Poppe, founder and CEO of trading firm Eight, suggested the court’s ruling could have a positive impact on existing spot ETF applications, particularly by the world’s largest asset manager, BlackRock.
“This may sound strange. But we may be nearing the start of an up cycle with this news,” he said.summarizewith follower X
Breaking: Grayscale wins case against SEC & #Bitcoin reacts towards $27,000+
The long wait is over! Grayscale has won their case against the SEC and are able to transition their GBTC towards an ETF.
This is a huge event as it will be an indicator towards Blackrock. Why?
In… pic.twitter.com/JvFYYsKIbs
— Michaël van de Poppe (@CryptoMichNL) August 29, 2023
refer : cointelegraph
picture coinape
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