Bitcoin explodes after Grayscale court victory against SEC, Ether and altcoins surge

Bitcoin price rose some 7% last night after an appeals court ruled that the US stock market watchdog SEC had to take a fresh look to the ETF (Exchange traded fund) application from Grayscale. At the time of writing, Bitcoin is trading for $27,400.

#Bitcoin jumps after US court paves way for ETF. pic.twitter.com/SfuY8AEqJR

— Michael Saylor⚡️ (@saylor) August 29, 2023

Wall Street reacted very positively to the news as it appears that acceptance of an ETF for Bitcoin is now getting closer. More than 8 companies have a similar application which should normally all be processed in the autumn of this year.

According to Bloomberg, Blackrock, the largest investment fund in the world, will receive a judgment on their application for a Bitcoin ETF within two weeks. Many now expect this to be approved.

BREAKING 🚨🚨
🇺🇸 SEC ruling on BlackRock’s spot #Bitcoin ETF due this week - Bloomberg pic.twitter.com/3iBT1uu5uc

— BITCOINLFG® (@bitcoinlfgo) August 29, 2023

Gensler

By now, Bitcoin is on the front pages of just about every major business media because of the news. All major altcoins also received a boost. Bitcoin Cash surged 17% after the news became public.

#Bitcoin is pumping after Grayscale defeated SEC in court, paving the way for the first Spot Bitcoin ETF in the USA. 🔥🚀🔥 pic.twitter.com/B7bncjt7u6

— Bitcoin Archive (@BTC_Archive) August 29, 2023

The news comes as a blow to Gary Gensler, the head of the American stock market watchdog SEC, who is known to be very anti-crypto. He had hoped to be able to push back Bitcoin ETF applications via court rulings.

Grayscale meanwhile responded very positively to the news, calling the verdict:

A monumental step for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper.

Analysts had expected a Bitcoin ETF to provide a serious boost to the price, and this news certainly brings closer to such an investment vehicle that would make it easier for ordinary Americans to purchase Bitcoin products.

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