The world’s leading cryptocurrency, Bitcoin (BTC), has seen a significant surge in its price today, reaching $28,004. While several factors have contributed to this jump, here are the primary reasons:
#1 SEC’s Non-appeal On Grayscale Spot Bitcoin ETF
Late on Friday night, the market became aware of the US Securities and Exchange Commission’s decision not to appeal the verdict which favored Grayscale’s conversion of the Grayscale Bitcoin Trust (GBTC) into a spot ETF. This decision wasn’t perhaps fully priced in on Friday, as Bitcoin’s price rose by a mere 1.2% on Friday ((followed by a fast retracement), in stark contrast to the 8% spike on August 29 when the initial ruling was announced.
The move signifies the SEC’s potential readiness to green-light a Bitcoin ETF in the imminent weeks. As one Grayscale spokesman pointed out, “The Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed. The Grayscale team remains operationally ready to co
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