BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win
Source: TradingViewSEC was “capricious and arbitrary” with Bitcoin ETF rejectionData from Cointelegraph Markets Pro and TradingView recorded an instant BTC cost reaction to the event, with BTC/USD getting $1,700 in around 30 minutes.The news upended a stagnant Bitcoin trading environment which had actually endured after snap losses in mid-August.”Grayscale therefore signs up with the waiting list of firms looking for to launch what would become the very first U.S. spot Bitcoin ETF, with the SEC yet to authorize any application.At the time of composing, BTC/USD circled around $27,300, having reached as high as $27,723 on Bitstamp.Data from the Binance BTC/USD order book uploaded to X by keeping an eye on resource Material Indicators covered the uptick, with all order classes increasing buying in what was a market lacking liquidity.BTC/ USD order book data for Binance. Source: Material Indicators/X”A 6-month view of order book information shows thin liquidity to the advantage that ought to be quite easy to make use of for a retest of the $30s, however weve yet to see adequate belief to do that because the market fears what will occur if BTC starts printing lower lows,” part of analysis provided just prior to the Grayscale announcement stated.Analyst declares BTC cost “bull cycle” catalystContinuing the response, Michaël van de Poppe, creator and CEO of trading company Eight, suggested that the courts choice might have a favorable effect on the existing ETF applications, significantly that of the worlds biggest asset manager, BlackRock.Related: Bitcoin metric with 100% long hit rate anticipates $23K BTC cost flooring”This may sound unusual, but we could be on the edge of the start of the bull cycle with this news,” he summed up to X followers in part of commentary on the back of a devoted video update.As Cointelegraph reported, Grayscales legal fight with the SEC was slow-moving and prolonged, with CEO Michael Sonnenshein amongst those firmly insisting that the company would not rest until approved permission to transform its existing Bitcoin financial investment vehicle, the Grayscale Bitcoin Trust (GBTC), to an ETF.
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Other Questions People Ask
What caused the BTC price to jump to 2-week highs on Grayscale vs. SEC Bitcoin ETF win?
The recent BTC price surge can be attributed to the court's ruling favoring Grayscale in its legal battle against the SEC regarding Bitcoin ETF applications. This decision led to an immediate reaction in the market, with BTC/USD rising by $1,700 within approximately 30 minutes. The ruling has sparked renewed interest in Bitcoin, breaking a period of stagnation that followed mid-August losses.
How does the Grayscale vs. SEC Bitcoin ETF win impact future BTC price movements?
The Grayscale victory over the SEC is seen as a potential catalyst for future BTC price movements, possibly signaling the start of a bull cycle. Analysts suggest that this ruling could positively influence other pending ETF applications, particularly from major players like BlackRock. As market sentiment shifts, traders are closely monitoring liquidity conditions, which may facilitate further price increases towards the $30,000 range.
What are analysts saying about the BTC price jump following the Grayscale ruling?
Analysts, including Michaël van de Poppe, believe that the court's decision could mark the beginning of a bullish trend for Bitcoin. They highlight that the ruling may enhance confidence in ongoing ETF applications, potentially leading to increased institutional investment. The current market dynamics suggest that if BTC can maintain upward momentum, it could retest higher price levels soon.
What does the order book data indicate about BTC price after the Grayscale ruling?
Order book data from Binance shows a significant uptick in buying activity following the Grayscale ruling, indicating a shift in market sentiment. The analysis points to thin liquidity on the upside, suggesting that it may be relatively easy for BTC to push towards higher price levels if bullish sentiment continues. Traders are advised to watch for signs of sustained buying pressure that could lead to further price increases.
What are the implications of the Grayscale Bitcoin Trust's potential conversion to an ETF?
If Grayscale successfully converts its Bitcoin Trust (GBTC) into an ETF, it could have substantial implications for BTC pricing and market dynamics. This conversion would likely attract more institutional investors, enhancing liquidity and potentially driving prices higher. The ongoing legal battle and its outcome are critical factors that traders should monitor closely as they could significantly influence future BTC price trends.