{"id":144132,"date":"2023-09-01T16:36:12","date_gmt":"2023-09-01T11:06:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=144132"},"modified":"2023-09-01T16:36:12","modified_gmt":"2023-09-01T11:06:12","slug":"bitcoin-bounces-6-as-grayscale-breaks-etf-barrier-in-us-court-win-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-bounces-6-as-grayscale-breaks-etf-barrier-in-us-court-win-crypto-news\/","title":{"rendered":"Bitcoin Bounces 6% As Grayscale Breaks ETF Barrier in US Court Win – Crypto News"},"content":{"rendered":"

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Grayscale Investments LLC has achieved a significant legal victory. The company, backed by a federal court, can now launch the first-ever <\/a><\/span>Bitcoin exchange-traded fund<\/span> (ETF) in the United States, marking a potential influx of investment from the general public. Following this announcement, Bitcoin\u2019s price witnessed a notable surge, increasing by 6%.<\/span><\/p>\n

Bitcoin, the dominant digital asset, experienced a 5.31% hike within the last 24 hours, bringing its bitcoin price<\/a> to <\/span>$27,506.05<\/span>. With a 24-hour trading volume that surpassed $17.5 billion, the cryptocurrency remains a global favourite. According to CoinMarketCap, Bitcoin retains its number-one position with an imposing market capitalization of roughly $535.6 billion.<\/span><\/p>\n

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\"bitcoin<\/span><\/p>\n

BTC\/USD price chart, Source: <\/span>CoinMarketCap<\/span><\/p>\n

Grayscale Vs SEC: A Tug of War<\/b><\/h2>\n

The battle between Grayscale and the US Securities and Exchange Commission (SEC) peaked when a three-judge appeals panel in Washington overruled the SEC\u2019s decision to halt the ETF. Judge Neomi Rao commented on the ruling;<\/span><\/p>\n

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\u201cThe denial of Grayscale\u2019s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n

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This verdict came after <\/span>several delays<\/span><\/a>, with the crypto community awaiting the final decision. Grayscale\u2019s pursuit of an ETF was primarily driven by the limitations of its trust\u2019s closed-end structure. Currently, this structure doesn\u2019t permit investors to redeem shares during a price drop, often resulting in the trust trading at significantly discounted rates compared to its underlying Bitcoin assets. With the ETF, Grayscale can create and redeem shares in tandem with fluctuating demand. The move to an ETF could unlock an approximate value of $5.7 billion from Grayscale\u2019s $16.2 billion trust.<\/span><\/p>\n

A Glimpse into the Past<\/b><\/h2>\n

The US <\/span>SEC\u2019s<\/span> initial rejection in June 2022 was rooted in concerns surrounding Bitcoin\u2019s trading on unregulated markets, leading to potential fraud risks. Grayscale responded with a lawsuit, arguing discrimination by the SEC, especially given the approval of similar Bitcoin futures ETFs.<\/span><\/p>\n

In conclusion, the recent court decision is a testament to cryptocurrency\u2019s ever-evolving landscape in the mainstream financial world. With Grayscale\u2019s groundbreaking achievement, we may be on the brink of even more innovations in the crypto sphere.<\/span><\/p>\n

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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114<\/a> and reach out to him at sunil (at) coingape.com <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Grayscale Investments LLC has achieved a significant legal victory. The company, backed by a federal court, can now launch the first-ever Bitcoin exchange-traded fund (ETF) in the United States, marking a potential influx of investment from the general public. Following this announcement, Bitcoin\u2019s price witnessed a notable surge, increasing by 6%. Bitcoin, the dominant digital […]<\/p>\n","protected":false},"author":2,"featured_media":117229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-144132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=144132"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144132\/revisions"}],"predecessor-version":[{"id":146070,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144132\/revisions\/146070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/117229"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=144132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=144132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=144132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}