Non-Fungible Token Market Surges as SEC Fails to Appeal Court’s Decision on Grayscale
The global non-fungible token (NFT) market has experienced a significant surge after the United States Securities and Exchange Commission (SEC) decided not to appeal a court’s ruling that criticized its rejection of Grayscale’s request to convert its bitcoin trust into an exchange-traded fund (ETF). The NFT market has seen a 25% increase in trading sales volume, reaching $9.6 million in the past 24 hours. Additionally, the number of investors buying NFTs has risen by 6%. The Ethereum network has also witnessed a boost in NFT trading sales volume, with a 45.32% spike from the previous day.
Mythos Chain and Solana NFTs Experience Growth
NFT collections hosted on the Mythos Chain and Solana blockchains have also seen slight growth. In the past day, Mythos Chain NFTs recorded a trading sales volume of $1.2 million, while Solana-based NFTs reached $1 million. Mythos Chain NFTs increased by 4.21%, while Solana saw a rise of 22.57%.
Bitcoin Price Soars by 55%
The news regarding Grayscale’s ETF conversion request has also had a significant impact on Bitcoin’s price, which surged by 55% in the past 24 hours. The cryptocurrency now stabilizes around $26,919 after a short rally.
Grayscale vs. SEC Legal Battle
Last year, Grayscale filed a lawsuit against the SEC after its proposed bitcoin ETF was rejected without any explanation. In August 2023, the District of Columbia Court of Appeals ruled that the SEC’s rejection was invalid and capricious. The approval of Grayscale’s ETF holds great importance for the crypto market, as it reflects the future of crypto and has a substantial influence on the NFT market.
Hot Take: SEC’s Decision Impacts NFT Market
The recent decision by the SEC not to appeal the court’s ruling on Grayscale’s ETF conversion has caused a surge in the NFT market. With increased trading sales volume and investor interest, NFTs are gaining momentum. Furthermore, the approval of Grayscale’s ETF could have a significant impact on the future of crypto and further shape the NFT market. It remains to be seen whether the SEC will proceed with approving the grayscale ETF, but its potential approval holds promise for the industry.
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