{"id":144278,"date":"2023-09-01T16:20:54","date_gmt":"2023-09-01T10:50:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=144278"},"modified":"2023-09-01T16:20:54","modified_gmt":"2023-09-01T10:50:54","slug":"suspicious-bitcoin-trading-seen-prior-to-grayscale-lawsuit-victory-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/suspicious-bitcoin-trading-seen-prior-to-grayscale-lawsuit-victory-crypto-news\/","title":{"rendered":"Suspicious Bitcoin Trading Seen Prior To Grayscale Lawsuit Victory – Crypto News"},"content":{"rendered":"

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With the US Court judgment granting Grayscale a win against the US Securities and Exchange Commission (SEC), the Bitcoin BTC price<\/a> and Grayscale Bitcoin Trust (GBTC) stock price grew significantly on Tuesday, August 29, 2023. The ruling is being touted as one of the most important developments that makes institutional adoption of the crypto market easier.<\/p>\n

Also Read: US SEC Commissioners Not Happy Over Impact Theory NFT Charges<\/strong><\/a><\/p>\n

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The lawsuit verdict effectively granted the approval of application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, it is not clear yet as to what would be a timeline for the spot Bitcoin ETF approval, considering that the US SEC may choose to appeal the judgment.<\/p>\n

Bitcoin Exchange Supply Spike Before The Verdict<\/h2>\n

On-chain data showed that around 30,000 BTC was sent to crypto exchanges prior to the Grayscale lawsuit victory announcement earlier on Tuesday, August 29, 2023, taking the total available supply to 1.16 million $BTC. This raises the question of whether the big whales have placed the trades in anticipation of a positive ruling or they knew of the Grayscale win before the judgment.<\/p>\n

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According to market intelligence platform Santiment, the exchange supply of Bitcoin was boosted<\/a> significantly prior to the judgment.\u00a0Meanwhile, the Grayscale discount improved from -40% to -24% currently.<\/p>\n

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On the flip side, it is entirely possible that the supply of Bitcoin on exchanges spiked over the investor anticipation of the verdict. The crypto community has been awaiting the Court\u2019s decision, considering that the developments around the lawsuit would have a bearing on the spot Bitcoin ETF filings.<\/p>\n

Also Read: Binance Ushers in \u201cSend Cash\u201d Crypto Platform in Latin America<\/strong><\/a><\/p>\n

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com\/BitcoinReddy <\/p>\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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With the US Court judgment granting Grayscale a win against the US Securities and Exchange Commission (SEC), the Bitcoin BTC price and Grayscale Bitcoin Trust (GBTC) stock price grew significantly on Tuesday, August 29, 2023. The ruling is being touted as one of the most important developments that makes institutional adoption of the crypto market […]<\/p>\n","protected":false},"author":2,"featured_media":144279,"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-144278","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\/144278","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=144278"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144278\/revisions"}],"predecessor-version":[{"id":146022,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144278\/revisions\/146022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/144279"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=144278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=144278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=144278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}