Green ink across crypto after Grayscale scores SEC win
It was a morning of gains in Asia. That followed Tuesday’s favorable U.S. court ruling for Grayscale Investments in its Bitcoin ETF case against the U.S. Securities and Exchange Commission (SEC). Bitcoin, Ether and all other top 10 non-stablecoin cryptocurrencies rose, while Toncoin recorded double-digit growth. The Forkast 500 NFT Index fell as traders processed the latest SEC charges brought against the crypto industry for securities violations — this time against an NFT project operated by media company Impact Theory. U.S. equity futures traded flat after Tuesday’s gains. Investors now await the release of key economic data later in the week.
Grayscale bounce
Bitcoin gained 6.09% for the last 24 hours to US$27,625.04 as of 06:45 a.m. in Hong Kong. The token is up 7.02% for the week, according to CoinMarketCap data. The world’s leading cryptocurrency had been trading under the US$27,000 mark since Aug. 18 as downbeat macroeconomic developments in the U.S. and China took a toll on the wider crypto market.
Ether also posted gains. It rose 4.92% to US$1,731.09 for a 6.87% weekly gain.
All other top 10 non-stablecoin cryptocurrencies were in green as the market reacted to news of a victory for Grayscale Investments in its ongoing legal dispute with the U.S. Securities and Exchange Commission.
On Tuesday, the District of Columbia Court of Appeals overturned the SEC’s earlier refusal to allow the company’s Grayscale Bitcoin Trust, known by its ticker GBTC, to become an exchange-traded fund (ETF).
“Despite the inevitable SEC appeal, to our mind there is no doubt now, spot BTC ETFs are coming to the U.S.,” said Tim Bevan, chief executive officer at crypto investment firm ETC Group, in an emailed statement. Bevan predicted that a bulk approval of applications from other major financial institutions — including BlackRock, Fidelity and WisdomTree — is now in the cards for the first quarter of fiscal 2024.
Grayscale first sued the SEC in June, 2022. The Stamford-based digital asset manager said that the regulator failed to provide clear explanations for the rejection of its ETF application, violating the Administrative Procedure Act. The company added that the SEC’s refusal was inconsistent with its approach to other Bitcoin futures ETF applications.
“The level of pent up institutional and retail demand in the U.S. is significant and we expect this to have a positive impact on the price of Bitcoin as can be seen from today’s price reaction,” wrote Bevans. The positive impact will be felt beyond price, he added.
“The broader signal this sends to the market is one of legitimacy, which is hugely relevant in terms of institutional adoption and other global jurisdictions following suit,” Bevans said.
Among the top 10, Toncoin, the native token of proof-of-stake blockchain TON, led the leaders. It surged 14.24% in the last 24 hours to $1.72 and a weekly gain of 27.20%.
The Telegram messaging application introduced the TON blockchain in 2018. Telegram then severed ties with the project in 2020 due to increasing regulatory pressure from the SEC. The blockchain said it has seen a 102% increase in developer involvement within the last year. Telegram also launched its Wallet Pay service, which allows users to pay merchants directly on the app using crypto, in July. The service supports Bitcoin, Tether stablecoin and Toncoin payments.
The total crypto market capitalization rose 4.73% to US$1.1 trillion, while trading volume surged 116.20% to US$52.34 billion.
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Green ink across crypto after Grayscale scores SEC win
It was a morning of gains in Asia. That followed Tuesday’s favorable U.S. court ruling for Grayscale Investments in its Bitcoin ETF case against the U.S. Securities and Exchange Commission (SEC). Bitcoin, Ether and all other top 10 non-stablecoin cryptocurrencies rose, while Toncoin recorded double-digit growth. The Forkast 500 NFT Index fell as traders processed the latest SEC charges brought against the crypto industry for securities violations — this time against an NFT project operated by media company Impact Theory. U.S. equity futures traded flat after Tuesday’s gains. Investors now await the release of key economic data later in the week.
Grayscale bounce
Bitcoin gained 6.09% for the last 24 hours to US$27,625.04 as of 06:45 a.m. in Hong Kong. The token is up 7.02% for the week, according to CoinMarketCap data. The world’s leading cryptocurrency had been trading under the US$27,000 mark since Aug. 18 as downbeat macroeconomic developments in the U.S. and China took a toll on the wider crypto market.
Ether also posted gains. It rose 4.92% to US$1,731.09 for a 6.87% weekly gain.
All other top 10 non-stablecoin cryptocurrencies were in green as the market reacted to news of a victory for Grayscale Investments in its ongoing legal dispute with the U.S. Securities and Exchange Commission.
On Tuesday, the District of Columbia Court of Appeals overturned the SEC’s earlier refusal to allow the company’s Grayscale Bitcoin Trust, known by its ticker GBTC, to become an exchange-traded fund (ETF).
“Despite the inevitable SEC appeal, to our mind there is no doubt now, spot BTC ETFs are coming to the U.S.,” said Tim Bevan, chief executive officer at crypto investment firm ETC Group, in an emailed statement. Bevan predicted that a bulk approval of applications from other major financial institutions — including BlackRock, Fidelity and WisdomTree — is now in the cards for the first quarter of fiscal 2024.
Grayscale first sued the SEC in June, 2022. The Stamford-based digital asset manager said that the regulator failed to provide clear explanations for the rejection of its ETF application, violating the Administrative Procedure Act. The company added that the SEC’s refusal was inconsistent with its approach to other Bitcoin futures ETF applications.
“The level of pent up institutional and retail demand in the U.S. is significant and we expect this to have a positive impact on the price of Bitcoin as can be seen from today’s price reaction,” wrote Bevans. The positive impact will be felt beyond price, he added.
“The broader signal this sends to the market is one of legitimacy, which is hugely relevant in terms of institutional adoption and other global jurisdictions following suit,” Bevans said.
Among the top 10, Toncoin, the native token of proof-of-stake blockchain TON, led the leaders. It surged 14.24% in the last 24 hours to $1.72 and a weekly gain of 27.20%.
The Telegram messaging application introduced the TON blockchain in 2018. Telegram then severed ties with the project in 2020 due to increasing regulatory pressure from the SEC. The blockchain said it has seen a 102% increase in developer involvement within the last year. Telegram also launched its Wallet Pay service, which allows users to pay merchants directly on the app using crypto, in July. The service supports Bitcoin, Tether stablecoin and Toncoin payments.
The total crypto market capitalization rose 4.73% to US$1.1 trillion, while trading volume surged 116.20% to US$52.34 billion.
Read More