Bitcoin Off 2-Week High Near $27.2K As Grayscale Optimism Ebb Lower
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) retreated lower on Thursday morning Asia trade with
Bitcoin (BTC) and Ethereum (ETH), both paring previous session gain, as investors mulled the implications of Grayscale’s court victory over the U.S. Securities and Exchange Commission (SEC).
On Wednesday, the federal appeals court asked the SEC to review its rejection of Grayscale Investments’ attempt to convert Grayscale Bitcoin Trust (GBTC) into an ETF.
The largest cryptocurrency by market capitalisation was trading at $27,205.65, down 1.60%. ETH, the second largest crypto in market value, slightly outperformed, sinking 1.33% over the last 24-hours to $1,599.88.
Hailing the decision, market observers said that the Grayscale victory potentially opens the door for a spot bitcoin ETF in the U.S.
The broader crypto market mirrored the two leading assets’ move.
Cardano’s ADA, Solana’s SOL and Polygon’s MATIC led the decline among major altcoins, falling near 4% during the day and erasing most of their previous day advance.
The global crypto market cap eased 1.53% to $1.08 tn, over the last 24-hours. Simultaneously, the total crypto market volume dropped 41.20% to $31.27 bn. The total volume in DeFi is currently $1.96 bn and all stablecoins $29.77 bn, representing 6.28% and 95.21% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance edged down 0.02% to 48.91%.
IC15 index, the barometer of top fifteen tokens, lost 1.81% to 35,450.26.
Meanwhile, a fresh development in the Gemini’s bankruptcy looks to derail the process. Attorneys for crypto exchange Gemini argued that a proposed resolution for Genesis’ bankruptcy doesn’t have enough detail or provide any assurances for some of its largest debtors.
A set of ad hoc creditors, the Fair Deal Group, also filed an objection to the proposed plan on similar grounds, saying the proposed agreement would fail to secure all of the debts Genesis is owed and that Genesis has not demonstrated it would be able to “confirm a viable plan.”
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