Bitcoin

Grayscale Bitcoin Trust

<![CDATA[<figure class="image"><img src="https://cimg.co/news/123950/327474/falling-bitcoin-price.jpeg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Adobe / LALAKA</figcaption></figure>The price of <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a> ended down for the second consecutive month yesterday, despite bullish news that a spot Bitcoin exchange-traded fund (ETF) could be coming soon.For August as a whole, the BTC price ended down just over 11%, from around $29,200 at the beginning of the month to 25,900 at the end of the month.Notably, the price remained relatively stable in a trading range between $26,000 and $26,500 for the second half of the month, until the price suddenly jumped by more than 6% on August 29.<figure class="image"><img src="https://cimg.co/news/123950/327473/bitcoin-price-august.jpg" srcset="https://cimg.co/news/123950/327473/responsive-images/bitcoin-price-august___media_library_original_2020_1156.jpg 2020w, https://cimg.co/news/123950/327473/responsive-images/bitcoin-price-august___media_library_original_1200_687.jpg 1200w, https://cimg.co/news/123950/327473/responsive-images/bitcoin-price-august___media_library_original_900_515.jpg 900w, https://cimg.co/news/123950/327473/responsive-images/bitcoin-price-august___media_library_original_720_412.jpg 720w, https://cimg.co/news/123950/327473/responsive-images/bitcoin-price-august___media_library_original_600_343.jpg 600w, https://cimg.co/news/123950/327473/responsive-images/bitcoin-price-august___media_library_original_300_172.jpg 300w" width="2020" class="content-img" alt=""><figcaption>Bitcoin price in August. Source: CoinGecko</figcaption></figure>The jump in price in late August followed news that digital asset management firm Grayscale, the company behind the Grayscale Bitcoin Trust (GBTC), had <a href="https://cryptonews.com/news/grayscale-crypto-asset-management-firm-wins-lawsuit-against-sec.htm">won a lawsuit against the US Securities and Exchange Commission</a> (SEC).The win means that the SEC now cannot legally stop Grayscale from converting its Bitcoin Trust to a spot-based exchange-traded fund (ETF), something the firm <a href="https://cryptonews.com/news/major-bitcoin-etf-legal-battle-begins-as-grayscale-sues-sec.htm">for a long time has wanted to do</a>.<h2 id="short-term-boost-to-trading-activity">&lsquo;Short-term boost&rsquo; to trading activity</h2><a href="https://www.bloomberg.com/news/articles/2023-08-31/grayscale-gbtc-ruling-not-enough-to-halt-bitcoin-s-btc-2-month-losing-streak">Commenting</a> on this month&rsquo;s price moves to Bloomberg, Fiona Cincotta, senior market analyst at CFD and forex broker City Index, said the recent news has led to a boost in trading activity.&ldquo;It has been a painfully quiet month for the cryptocurrency but this week has been the exception. The Grayscale news has provided a short-term boost but with regulators still keen to tame the wild west of the financial world, this story could be more drawn out,&rdquo; Cincotta said.<h2 id="sec-delay-sent-prices-down-again">SEC delay sent prices down again</h2>Despite the boost that came with the Grayscale news, prices fell lower again only two days later when news broke that the <a href="https://cryptonews.com/news/6-bitcoin-etf-applications-delayed-so-far-blackrock-rumored-to-be-next-fidelity-wisdomtree-valkyrie-vaneck-bitwise-invesco.htm">SEC had decided to delay a decision</a> on whether or not to approve ETF applications from six out of seven applicants.The six applications that received a delay notice were those from Fidelity, WisdomTree, Valkyrie, VanEck, Bitwise, and Invesco.The seventh application, <a href="https://cryptonews.com/news/confirmed-10-trillion-asset-manager-blackrock-takes-leap-into-crypto-files-for-spot-bitcoin-etf-with-sec.htm">from asset management giant BlackRock</a>, has so far not received a response from the SEC, although many believe that firm will also have its application decision delayed.As of Friday at press time, BTC remained down by 4.6% for the past 24 hours, trading at just above the $26,000 level.For the past seven days as a whole, the price was more or less unchanged.
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Bitcoin's Decline Continues for Second Month Despite Grayscale Ruling

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