Bitcoin and BTC-Related Cryptocurrencies Gain Following Court Appeal
Bitcoin and BTC-related cryptocurrencies like Bitcoin Cash and Stacks are experiencing significant gains in response to Grayscale’s court appeal victory against the SEC. Here are the key points:
– Bitcoin has surged by 7% over the past 24 hours, reaching a price of $27,970 per CoinGecko.
– Bitcoin Cash, which forked away from Bitcoin in 2017, has seen a 17% jump, reaching a price of approximately $223. It is currently the top gainer among the top 100 cryptocurrencies.
– Stacks, a layer-2 network built on top of the BTC network for smart contracts, has risen by 13% to a current price of $0.51.
– Bitcoin SV, a fork of Bitcoin Cash, has increased by 10% to a price of $34 per coin.
– The entire cryptocurrency market has seen a more than 5% increase in the past day.
U.S. Court Ruling and its Impact
The recent upward movement can be attributed to the U.S. Court of Appeals ruling, which deemed the SEC’s rejection of Grayscale’s ETF application as inadequate. Here’s what you need to know:
– The court stated that the SEC “failed to adequately explain” its rejection of Grayscale’s ETF application.
– The SEC must now review the application, but they still have 45 days to appeal the judge’s opinion.
– A spot BTC ETF is considered a stepping stone towards mainstream institutional adoption of cryptocurrency.
– While this court decision does not guarantee approval of a spot BTC fund, it does remove a significant legal obstacle for Grayscale and other applicants.
Hot Take
The recent court ruling in favor of Grayscale’s ETF application is a positive development for the cryptocurrency market. It signals a potential shift towards greater acceptance and adoption of cryptocurrencies by institutional investors. As regulatory barriers are gradually overcome, the future of cryptocurrencies looks promising, with Bitcoin and its related assets leading the way.
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