Bitcoin Rises Following Grayscale's Legal Victory, But ETF Approval Still Uncertain
Summary:
Bitcoin (BTC) led the cryptocurrency markets higher on Aug. 29 following Grayscale's victory in the lawsuit against the United States Securities and Exchange Commission. However, the rally could not be sustained as analysts cautioned that the victory did not guarantee the approval of a spot Bitcoin exchange-traded fund.
Bitcoin (BTC) led the rise in cryptocurrency markets on August 29th after Grayscale's legal victory against the United States Securities and Exchange Commission. However, analysts caution that the victory does not guarantee the approval of a spot Bitcoin exchange-traded fund. The victory may be bullish for Grayscale, according to Glassnode analysts, who predict that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year. It is worth noting that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years.
Published At
8/30/2023 8:02:37 PM
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