Bitcoin explodes after Grayscale court victory against SEC, Ether and altcoins surge

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Last Updated on 20 September 2023 by CryptoTips.eu

Bitcoin price rose some 7% last night after an appeals court ruled that the US stock market watchdog SEC had to take a fresh look to the ETF (Exchange traded fund) application from Grayscale. At the time of writing, Bitcoin is trading for $27,400.

Wall Street reacted very positively to the news as it appears that acceptance of an ETF for Bitcoin is now getting closer. More than 8 companies have a similar application which should normally all be processed in the autumn of this year.

According to Bloomberg, Blackrock, the largest investment fund in the world, will receive a judgment on their application for a Bitcoin ETF within two weeks. Many now expect this to be approved.

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Gensler

By now, Bitcoin is on the front pages of just about every major business media because of the news. All major altcoins also received a boost. Bitcoin Cash surged 17% after the news became public.

The news comes as a blow to Gary Gensler, the head of the American stock market watchdog SEC, who is known to be very anti-crypto. He had hoped to be able to push back Bitcoin ETF applications via court rulings.

Grayscale meanwhile responded very positively to the news, calling the verdict:

A monumental step for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper.

Analysts had expected a Bitcoin ETF to provide a serious boost to the price, and this news certainly brings closer to such an investment vehicle that would make it easier for ordinary Americans to purchase Bitcoin products.

24K-Production / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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