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 dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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