BTC Price Reacts to Grayscale Investments’ Victory Against SEC
The price of Bitcoin (BTC) saw a positive reaction after Grayscale Investments won a landmark victory against the United States Securities and Exchange Commission (SEC). The appeals court rejected the SEC’s decision to halt the conversion of Grayscale’s Bitcoin Trust product into an exchange-traded fund (ETF).
Main Breakdowns:
- Crypto participants eagerly await the SEC’s approval of the first spot Bitcoin ETF, which could greatly contribute to mainstream adoption.
- The road to approval is uncertain, and the fate of seven more ETF proposals will be decided by the SEC in the coming week.
- Bitwise, BlackRock, VanEck, Fidelity, Invesco, WisdomTree, and Valkyrie are among the companies awaiting the SEC’s verdict.
- The BTC price surged towards $30,000 following the appeals court ruling, after consolidating losses around $26,000 and major support at $25,000.
- Resistance at $28,000, supported by the 50-day and 100-day exponential moving averages, poses a challenge for Bitcoin’s upward momentum.
Hot Take:
The SEC’s decision on Bitcoin ETF proposals and the potential for interest rate hikes by the Federal Reserve could significantly impact the BTC price in the coming weeks. While a batch approval of ETFs would be bullish, a delay or rejection could lead to further market downturns. Investors should remain cautious and consider both breakout and correction scenarios.
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