Bitcoin

Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) retraced from its previous day’s peak above $28,000 on Wednesday as investors deliberated the consequences of Grayscale’s legal triumph against the SEC.The largest cryptocurrency by market cap experienced a 2% decline in the last 24 hours, resting at $27,240. Meanwhile, Ether (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) showed slightly better performance, slipping 1.7% in the past day and staying just above the $1,700 mark. The broader cryptocurrency market echoed the movements of these leading assets, with the overall market experiencing a 2.4% decline.A federal appeals court has ordered the SEC to review its rejection of investment manager Grayscale’s attempt to convert its $14 billion Grayscale Bitcoin Trust (GBTC) into a spot <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">bitcoin exchange-traded fund</a> (<a href="https://finbold.com/etfs/?order&#61;DESC&amp;sort&#61;volume&amp;search&#61;spdr" rel="noopener noreferrer nofollow">ETF</a>), spurring an immediate rally in digital asset prices and crypto-related stocks.Crypto supporters view the court directive as a signal of a potential shift in regulatory attitudes towards cryptocurrency-related financial products, paving the way for a spot BTC ETF in the future.Throughout the summer, numerous investment companies submitted new or renewed applications to launch BTC ETFs, including the well-known traditional financial firm BlackRock. However, it’s important to note that this recent court decision doesn’t guarantee automatic approval for Grayscale or any other company seeking to launch such funds.<h2 id="header-0">Are we on the brink of a bull run?</h2>While it’s premature to determine the long-term sustainability of the price surge observed this week, Clara Medalie, the Director of Research at Kaiko, <a href="https://www.youtube.com/watch?v&#61;pXAdK6zdSpg" rel="noopener noreferrer nofollow">noted</a> that there are some small signs that we could see a slight reversal.The price surge was linked with comparatively moderate trading volumes on exchanges compared to previous instances of mini-bull markets. The trading volume witnessed a constrained rise, spiking only to a two-week high. This suggests that the recent price surge might not have been supported by substantial market engagement.However, average BTC buy orders jumped to the highest since June, suggesting activity from large investors, which market observers evaluated as positive news.<blockquote>“A wave of ETF approvals could definitely be the bullish catalyst the crypto market needs right now,” Medalie said, adding that “we are still in the middle of a tumultuous period for the industry with quite a few bankruptcies and lawsuits ongoing.”</blockquote>The possibility of a bullish push driven by the approval of ETFs is on the horizon, but the underlying economic conditions might quickly kill the buzz.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin retreats to $27.2K following the Grayscale court frenzy

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