Bitcoin Cash (BCH) experienced a surge in price and trading volume after the United States Court of Appeals for the D.C. Circuit paved the way for a Bitcoin ETF approval. The price of BCH rose 15 percent in the past 24 hours to reach a daily high of $227, and has stabilized around $216 in the past seven days.The ruling was in favor of Grayscale Investments and against the SEC in regards to the conversion of the former’s GBTC to a spot ETF. The court argued that the SEC failed to adequately explain why it approved the listing of two Bitcoin futures ETPs but not Grayscale’s proposed Bitcoin ETF.The ruling has sparked speculation that the first Bitcoin ETF in the United States is around the corner. The SEC has several Bitcoin ETF applications to review, including from BlackRock, Valkyrie, and WisdomTree.Grayscale provides several products to investors, including the Bitcoin Cash Trust which has a total of about $67.4 million in assets under management. The Grayscale Bitcoin Cash Trust has about 34,812,900 shares outstanding, with each shareholding about 0.0087156 BCH.The significant bump in Bitcoin cash price is believed to be caused by speculations that Grayscale will also file to convert its BCHG into an ETF in the near future.After enjoying a bullish breakout in June that was followed by a notable correction, Bitcoin Cash’s price could be entering the second phase of its rally. However, the BCH bulls must push beyond the daily 50 Moving Average (MA) in order to maintain the rising trend.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇦 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | FAC, FINRA, Grayscale Investments, Renato Mariotti |
| Companies | BlackRock, Coingecko, United States Court of Appeals for the D.C. Circuit, WisdomTree, Valkyrie, Grayscale Investments |
| Currencies | Ethereum, US Dollar, goBTC, Bitcoin |
| Securities | None |
