BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win
BTC price volatility returns as good news over GBTC’s conversion to a spot Bitcoin ETF sends markets rallying.
Bitcoin neared two-week highs on Aug. 29 as news hit that digital asset manager Grayscale had won a lawsuit against United States regulators.
SEC was “arbitrary and capricious” with Bitcoin ETF rejection
Data from Cointelegraph Markets Pro and TradingView captured an instant BTC price reaction to the event, with BTC/USD gaining $1,700 in around 30 minutes.
The news upended a stale Bitcoin trading environment that had endured after snap losses in mid-August.
A ruling by the United States Court of Appeals for the District of Columbia Circuit stated that the U.S. Securities and Exchange Commission was wrong to reject an application by Grayscale to launch an exchange-traded fund (ETF) using the Bitcoin spot price as its basis.
“The denial of Grayscale’s proposal was arbitrary and capricious because the SEC failed to explain its different treatment of similar products,” an unverified copy circulating online states .
Read More: https://cointelegraph.com/news/btc-price-2-week-highs-grayscale-sec-bitcoin-etf-win
BTC price volatility returns as good news over GBTC’s conversion to a spot Bitcoin ETF sends markets rallying.
Bitcoin neared two-week highs on Aug. 29 as news hit that digital asset manager Grayscale had won a lawsuit against United States regulators.
SEC was “arbitrary and capricious” with Bitcoin ETF rejection
Data from Cointelegraph Markets Pro and TradingView captured an instant BTC price reaction to the event, with BTC/USD gaining $1,700 in around 30 minutes.
The news upended a stale Bitcoin trading environment that had endured after snap losses in mid-August.
A ruling by the United States Court of Appeals for the District of Columbia Circuit stated that the U.S. Securities and Exchange Commission was wrong to reject an application by Grayscale to launch an exchange-traded fund (ETF) using the Bitcoin spot price as its basis.
“The denial of Grayscale’s proposal was arbitrary and capricious because the SEC failed to explain its different treatment of similar products,” an unverified copy circulating online states .
Read More: https://cointelegraph.com/news/btc-price-2-week-highs-grayscale-sec-bitcoin-etf-win
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