The recent court win of Grayscale against the United States Securities and Exchange Commission (SEC) has had a positive effect on the entire cryptocurrency market. Bitcoin, in particular, saw its price reach $28,000 for the first time since mid-August. According to the crypto analytics platform Santiment, its trading volume has also surged to a two-week-high of over $30 billion.The landmark court victory has resulted in a spike in trading volumes for numerous cryptocurrencies, including some of the biggest by market capitalization. Ethereum’s (ETH) trading volume soared above $10 billion at one point on August 30, while Ripple’s native token – XRP – recorded over $1 billion. Bitcoin (BTC) was at the center of the lawsuit between Grayscale and the SEC, and its trading volume followed the asset’s price increase, surpassing $30 billion for the first time since August 17.The cryptocurrency industry is on a winning streak against the SEC following Ripple’s success and the recent victory of Grayscale. The US Court of Appeals for the DC Circuit ordered the American regulator to “vacate” its decision to reject the conversion of the digital currency asset manager’s Bitcoin Trust into a spot exchange-traded fund that tracks the performance of the asset.The ruling has caused high enthusiasm across the crypto community, with some believing this could be a pivotal moment before America finally sees the launch of a spot BTC ETF. Numerous experts have argued over the past several months that the birth of such a monetary product in the world’s largest economy could provide easier access to Bitcoin’s ecosystem and act as a price catalyst. Financial giants, including BlackRock, WisdomTree, Invesco, and more, have displayed ambitions to introduce a spot BTC ETF. The SEC is expected to approve, reject, or delay their applications in the following days.
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 | 10 |
| People | None |
| Companies | US Court of Appeals for the DC Circuit, Binance, PrimeXBT, BlackRock, Invesco, Santiment, Grayscale, Ethereum (ETH), United States Securities and Exchange Commission (SEC), Bitcoin (BTC), WisdomTree, Ripple (XRP) |
| Currencies | Ethereum, US Dollar, XRP, Bitcoin |
| Securities | None |
