Bitcoin’s Bullish Surge
Bitcoin saw a significant increase of 4.5% early Monday morning in Asia. This surge is driven by the growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the United States in the coming months. The surge brought Bitcoin close to the $28,000 mark, effectively recovering the losses it experienced the previous week.
SEC’s Stance on Grayscale:
The positive momentum can be attributed to the U.S. Securities and Exchange Commission (SEC) deciding not to contest a recent ruling regarding Grayscale. Insider sources indicate that the SEC has chosen not to appeal a court’s decision that allows Grayscale to convert its renowned Bitcoin trust into an ETF, which is more favorable for investors. This development is seen as a potential approval for the first Bitcoin ETF in the United States.
Grayscale’s Potential Transformation:
The implications of the SEC’s decision not to appeal are significant for the Grayscale Bitcoin Trust, as it opens the door for its evolution into a more appealing ETF format, further strengthening the bullish sentiment in the crypto market.