BTC Surges As SEC Misses Grayscale Appeal Deadline
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are trending higher as they celebrate the prospect of Bitcoin Spot exchange traded fund (ETF) becoming reality after the U.S. financial markets regulator – Securities Exchange Commission (SEC) missed the deadline to appeal against the recent court ruling in Grayscale.
Expert believe that as SEC appeal deadline has lapsed, Grayscale can convert its bitcoin trust into a more investor-friendly ETFs.
Apparently, the price of Bitcoin (BTC), the world’s most valuable cryptocurrency, shot above $27,000. It is currently resting at $27,146.81 up 1.16%.
Ethereum (ETH), the second largest crypto in market value, has also rebounded and was quoting 0.36% higher at $1,556.31.
The conclusion that Grayscale will soon offer BTC Spot ETFs has bolstered investor participation leading to an increase in trading volume. BTC volume soared almost 60% as it continues to consolidate along an ascending trend line, holding above this bullish formation with prospects for fresh increases, analysts said.
The global crypto market cap increased 0.75% to $1.06 tn, over the last 24-hours. Similarly, the total crypto market volume dropped 33.85% to $18.59 bn. The total volume in DeFi is currently $2.4 bn and all stablecoins $15.97 bn, representing 12.90% and 85.93% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.19% to 50.02%.
IC15 index, the barometer of top fifteen tokens, gained 0.95% to 34,515.17.
Meanwhile, Binance Labs, the venture capital and incubation arm of the crypto exchange Binance, has invested in Initia, a network designed for highly interwoven modular rollups.
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