The crypto markets have seen a surge of $65 billion following a court ruling in favor of Grayscale in its lawsuit against the SEC. This has reversed the recent bearish sentiment and has analysts and observers eyeing the next bull cycle. The possibility of a spot Bitcoin ETF is seen as bullish, but the SEC may still deny applications and filings due to their recent loss.Bitcoin has seen a 5% increase, or around $2,000, in the hours following the news. However, it has already started to fall back slightly during the Wednesday morning Asian trading session. This suggests that even an event of this magnitude isn’t enough to propel markets above the heavy resistance that has been blocking them for most of this year.Industry executives and leaders have been bullish following the news, with Michaël van de Poppe noting that the fear and uncertainty has been dissipated and momentum has returned. Bloomberg Intelligence ETF analyst James Seyffart commented that the SEC may lean on something related to custody to still deny applications if they don’t want them to list. CrediBULL Crypto commented that there was no break in market structure to justify the overly bearish sentiment. Will Clemente exclaimed that this is one of the biggest days for Bitcoin in its history.
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 | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Will Clemente, Michaël van de Poppe, James Seyffart |
| Companies | CrediBULL Crypto, Binance, Grayscale, Bloomberg Intelligence, SEC |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
