BTC
by BSCN
October 20, 2023
Grayscale's ongoing efforts to convert its Bitcoin Trust into a spot Bitcoin ETF, coupled with a few other factors, have likely contributed to the ongoing Bitcoin rally.
Bitcoin (BTC) has surged to $30,000, reflecting an impressive gain of over 5% in the last 24 hours. This surge has contributed to Bitcoin's weekly gains of over 11%, catching the attention of the cryptocurrency community. The key question on everyone's mind is: What has fueled this remarkable ascent?
One of the primary drivers behind Bitcoin's recent surge might be the mounting bullish sentiment around the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. This development has sparked renewed optimism in the cryptocurrency market, with many believing that an approved ETF could significantly impact Bitcoin's performance.
Notably, a recent report by CoinDesk highlights a federal court's move to formalize Grayscale's legal win against the Securities and Exchange Commission (SEC) by upcoming Monday. The SEC's decision not to appeal the court's ruling has further solidified the path for potential new ETFs in the market.
As the deadline day approaches, experts are pondering whether the court will close the case without comment or issue further directives to the SEC.
Grayscale filed an S-3 registration statement with the SEC on Oct. 19, intending to list Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.
Grayscale's new filing is in accordance with its efforts to convert the Grayscale Bitcoin Trust into a Bitcoin ETF.
Several ETF providers have been making amendments to their filings in recent days, alongside mounting pressure on the U.S. Securities and Exchange Commission to soften its stance on Bitcoin ETF approval. Even four House Financial Services Committee members have urged the SEC to heed the courts' decisions and cease its efforts to block Bitcoin ETFs from regulatory approval.
According to a JP Morgan report, approval of the ETFs is likely before January 10. This is a significant date as it marks the final deadline for the Ark 21Shares applications, making the potential approval of the applications even closer.
In an interview with CNBC, Coinbase's Chief Legal Officer, Paul Grewal, expressed strong confidence in the imminent approval of a U.S. spot Bitcoin ETF, following the SEC's legal setback.
Additionally, Bitcoin's recent rally might have been further propelled by the recent legal victory of Ripple against the SEC. With the SEC withdrawing its case against Ripple executives, the cryptocurrency market may be experiencing a renewed surge of confidence and investment.
Bitcoin is trading at $29,955, as of writing.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Latest News
September 14, 2024
Weekly Article Recap: 9/09-9/13
September 13, 2024
MicroStrategy Buys Another $1.11B in Bitcoin, Reaches 244,800 BTC Holdings
September 13, 2024
ParaFi Capital Chooses Avalanche for Tokenization of its $1.2B Fund
September 13, 2024
Sky Protocol’s Recent Proposal Could Impact $200M Loans Backed by Wrapped Bitcoin: Report
September 13, 2024
Tether Faces Transparency Issues with its US Dollar Reserves: Report
September 12, 2024
eToro Limits U.S. Crypto Offerings to BTC, ETH, and BCH After $1.5M SEC Settlement
September 12, 2024
Searching for a Telegram Trading Bot? Maestro Might Be the Perfect Solution
September 12, 2024
FTX/Alameda Wallet Unstakes $24M SOL Amid Ongoing Investigations: Report