Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin experienced a bullish rally following a court ruling that favored Grayscale Investments (GBTC) over the Securities and Exchange Commission (SEC). The court ruling increased the possibility of converting GBTC into an exchange-traded fund (ETF), attracting more investors. As a result, GBTC saw its most active trading session in 14 months, with nearly 20 million shares traded. The price of Bitcoin surged by 5.41%, Ethereum by 4.20%, and Dogecoin by 3.88%.
In addition to the court ruling, Elon Musk-owned X (formerly Twitter) obtained a Rhode Island Currency Transmitter License, allowing it to enable cryptocurrency payments on its platform. With approximately 450 million active users, X is in a favorable position to introduce cryptocurrency payment services.
Crypto analysts, such as Michael Van De Poppe and CrediBull Crypto, expressed their opinions on the market. Van De Poppe suggested that the Bitcoin ETF and the bull market may be closer than anticipated, while CrediBull Crypto predicted that once Bitcoin surpasses the 29-30k mark, there will be a true fear of missing out (FOMO), panic, and disbelief in the market.
The #Bitcoin ETF is closer than we think & the bull market too.
Sometimes the markets feel heavily 'manipulated'. Sometimes the markets are heavily skewed towards sentiment and that sentiment can switch easily.
Will the news of today on Grayscale push the markets in a bull? 👇… pic.twitter.com/v81OFkJjmU
— Michaël van de Poppe (@CryptoMichNL) August 29, 2023
Santiment, an on-chain data analytics firm, reported that Bitcoin Cash emerged as the biggest beneficiary of Grayscale’s victory over the SEC due to increased exposure. This phenomenon was similar to what occurred in mid-June when news about the ETF initially broke.
📊 After the news of #Grayscale's victory over the #SEC quickly lifted #crypto markets, the biggest notable beneficiary actually has turned out to be #BitcoinCash, due to its increased exposure. This phenomenon was similar to what we saw in mid-June when the #ETF news was first pic.twitter.com/HzEEEqZqIt
— Santiment (@santimentfeed) August 29, 2023
Overall, the court ruling and other developments in the cryptocurrency market contributed to the rally of Bitcoin, Ethereum, and Dogecoin, with increased interest and positive sentiment among investors.
Source: BENZINGA Crypto
