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Grayscale Bitcoin Trust

The United States Securities and Exchange Commission (SEC) does not plan to appeal the court ruling, but by not doing so, it seems to be setting the stage for Grayscale’s Bitcoin Trust (GBTC) to become the first contender to launch a spot Bitcoin ETF in the United States. ThisSEC decision on the court ruling is a significant moment in the realm of cryptocurrency, as everyone from investors to asset management firms is eagerly awaiting the SEC’s move. Court ruling questions SEC’s rejection 
In August 2023, the D.C. Circuit Court of Appeals questioned the SEC’s rejection of Grayscale’s digital products, including a request to turn its GBTC into an ETF, calling it “arbitrary and capricious.” The court also emphasized that federal agencies should treat all cases with the same level of transparency and honesty. The court further stated that if the SEC were to reject <a href="https://news.todayq.com/sec-forced-to-reconsider-grayscales-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">Grayscale’s ETF application</a> this time, they would need to provide a complete explanation for the rejection, as reported by Todayq News. Bitcoin price surges on SEC’s decision 
The impact of this news reverberated across the cryptocurrency market, with Bitcoin’s price experiencing a surge of over one percent within an hour. Specifically, theprice of Bitcoin jumped from $26,790 to $27,130 within 30 minutes to one hour. This impressive price movement was accompanied by a close above its 200 EMA (Exponential Moving Average) and the breakout of an inverted head and shoulder pattern on an hourly time frame, both of which are considered strong bullish signals. 
The Grayscale Bitcoin Trust (GBTC) is the world’s largest cryptocurrency fund, and it is currently trading at a discounted price of about 50%. Grayscale is waiting for spot Bitcoin ETF approval in hopes of eliminating this 50% discount. Uncertainty and potential challenges 
While this news is positive for Grayscale, it’s unclear how the SEC will handle Grayscale’s ETF application. The SEC still has the authority to deny it for other reasons, but Grayscale can challenge such denials in court. This decision is not only crucial for Grayscale but also for other entities like BlackRock and Fidelity, who are eagerly awaiting SEC approval for their Bitcoin spot ETFs.
The decision of the SEC is not only important for Grayscale but also for many other entities that have filed for a spot Bitcoin ETF, including BlackRock, Fidelity, WisdomTree, Invesco, and others. Although investors are still waiting for the SEC’s next big move, whether it approves or further postpones the decision, overall, a new positive sentiment is visible in the market.
© Todayq News

Grayscale’s spot Bitcoin ETF nears approval as the SEC stays silent

Todayq News

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