Bitcoin
Bitcoin Price Soars in the Wake of Grayscale’s SEC Lawsuit Triumph
Bitcoin price has been in the green over the past 24 hours, breaking above the crucial level of $27,265.50 amid improved crypto market sentiment. Bitcoin’s total market cap has jumped by more than 6% over the last day to $534 billion, with the total volume of the asset traded over the same period up by more than 184%. At press time, Bitcoin was trading at $27,450 after climbing by more than 6% over the past day.
SEC vs Grayscale
Bitcoin price has posted significant gains over the last day, recovering some of the losses made over the past few weeks. The BTC price surged after the US Court of Appeals for the DC Circuit ruled in favor of the crypto investment giant Grayscale against the US Securities and Exchange Commission (SEC). The court ruled that the SEC was wrong to deny Grayscale clearance to convert its Bitcoin trust to EFT.
Bitcoin’s price jumped more than 7% following the news, lifting cryptocurrencies broadly as well as crypto equities higher. Investors and other market participants have been closely watching the Grayscale versus SEC lawsuit as a fundamental catalyst that would restructure the cryptocurrency market hauled by low volatility and liquidity. The cryptocurrency market was in the green on Wednesday, with the global market cap jumping by more than 5% to $1.09 trillion and the total crypto market volume increasing by 132%. Bitcoin’s dominance has also improved over the same period to 48.85%.
Investors have been waiting on the sidelines for more clarity amid the global regulatory crackdown on the industry. Earlier this month, Bitcoin’s trading volatility dipped to its lowest level in more than four years, prompting a decline in risk appetite. Even so, the recent ruling may increase the chances that the SEC will approve other Bitcoin EFT applications, including that of Fidelity, BlackRock, Wisdom Tree, and Invesco among others, pumping liquidity into the crypto market.
In the ruling, the court said, “The denial of Grayscale’s proposal was arbitrary and capricious … The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP … We, therefore, grant Grayscale’s petition for review and vacate the Commission’s order.”
The ruling also comes as a relief to crypto market participants who have been frustrated by the Wall Street regulator’s insistence on regulating by enforcement. The US regulatory crackdown on the cryptocurrency sector, including SEC’s lawsuits against major crypto exchanges Binance and Coinbase, has been weighing on the market.
Bitcoin Price Prediction
The daily chart shows that the Bitcoin price has made some significant recovery over the past few hours, starting a fresh bullish breakout above $27,000. Bitcoin has moved slightly above the 200-day exponential moving average but remains below the 50-day EMA. Its Relative Strength Index (RSI) has jumped above the signal line but remains slightly below the neutral zone. The Bollinger Bands have widened further, indicating an increase in volatility.
Even so, the court ruling is not enough to sustain the bullish trajectory in the immediate term. As such, bulls need to gather enough momentum to push the BTC price higher. A flip above the 50-day EMA at $28,200 might prompt further gains. On the other hand, a drop below the immediate support at $27,265.50 will invalidate my bullish thesis.
BTC Price Chart
Bitcoin price was hovering around its highest level since August on Monday ahead of comments by Fed Chair Jerome Powell that could offer clues on future interest rate moves. The premier cryptocurrency hit an intraday high of $25,580, slightly above the bullish support level of $28,145, before pulling back. At the time of writing, Bitcoin was trading at $28,098.
Crypto Rally
Bitcoin price was in the green on Monday, building on previous gains after jumping more than 3% over the weekend. The asset’s total market cap has jumped by nearly 4% over the last day, while the total volume of BTC traded over the same period climbed by 192%. Major altcoins, including Ethereum, BNB, XRP, Solana, and Cardano, among others, have also edged higher.
Cryptocurrency prices started the new month on a positive note, improving market sentiment. The global crypto market cap has increased by 2% over the past 24 hours to $1.11 trillion, with the total crypto market volume up by 39.50% for the same period. Bitcoin’s total market cap has also nudged 0.77% higher to 49.57%.
The Crypto Fear and Greed Index, which measures the crypto sentiment by market participants, improved slightly to a fear level of 47, slightly higher than the fear level of 34 recorded last month. As such, the index suggests that risk appetite is rising, and a breach above the neutral level could increase the buying pressure.
While the immediate catalyst…
Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.
Economic Concerns
Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.
The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.
Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…
Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.
Fundamentals
Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.
Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.
Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…
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