BTC/USD: Bitcoin Soars 9% on Grayscale Court Victory Over Spot Bitcoin ETF

Crypto markets are one step closer to a monumental industry catalyst. But it’s not a done deal yet – the SEC might decide to appeal.

• Bitcoin BTCUSD got a boost on Tuesday after crypto asset manager Grayscale scored a major court win against the Securities and Exchange Commission. A federal judge approved Grayscale’s application of a spot Bitcoin exchange-traded fund – an investment vehicle that is not yet present in the US after all applications have been rejected by the SEC.
• Prices of the orange token jumped 9% on Tuesday to a session high of just above $28,000, up from roughly $25,800 per coin. It was the largest single-day gain since late June as crypto bros celebrated the keenly-awaited moment and a possible breakthrough for the US digital-asset industry.
• But it’s not a done deal just yet. The SEC has 45 days to appeal to the Supreme Court. The financial watchdog, helmed by former blockchain tutor Gary Gensler, said it is reviewing the decision and will decide on next steps soon. If approved, Grayscale’s spot Bitcoin ETF would be America’s first ETF with direct exposure to Bitcoin.