Bitcoin’s Bullish Surge: Bitcoin experienced a notable 4.5% surge during the early hours of Monday in Asia, fueled by the growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the U.S. in the upcoming months. This surge saw Bitcoin trading just shy of the $28,000 mark, effectively erasing the losses it endured over the previous week.
SEC’s Stance on Grayscale: The positive momentum can be traced back to the U.S. Securities and Exchange Commission (SEC) choosing not to challenge a recent ruling related to Grayscale. Insider sources suggest that the SEC has decided against appealing a court’s reversal decision that allows Grayscale to transform its renowned Bitcoin trust into an ETF, which is more favorable for investors. This move is seen as a potential green light for the debut of the first Bitcoin ETF in the United States.
Grayscale’s Potential Transformation: The implications of the SEC’s non-appeal are significant for the Grayscale Bitcoin Trust, as it paves the way for its evolution into a more attractive ETF format, further bolstering the bullish sentiment in the crypto market.
