Bitcoin experienced a significant price surge on Tuesday following the decision by the US Court of Appeals for the DC Circuit to overturn the Securities and Exchange Commission’s denial of Grayscale’s request to convert its bitcoin trust into an ETF.
According to our Bitcoin price-tracking system, Bitcoin saw a 6.45% jump to reach $27,974 in response to the ruling. This upward movement also had a positive impact on the broader cryptocurrency market and crypto-related equities.
Bitcoin Price Chart
Grayscale and SEC Engage in Battle over ETF Approval
A landmark ruling by a three-judge appeals panel in Washington has overturned the SEC’s decision to halt Grayscale’s Bitcoin ETF. Judge Neomi Rao described the SEC’s denial as arbitrary and capricious due to its inconsistent treatment of similar products.
This long-awaited verdict comes after numerous delays, keeping the crypto community on edge. Grayscale’s pursuit of an ETF stems from the limitations of its closed-end trust