Bitcoin Tests $30,000 Again as Optimism for ETF Approval Grows

Oct 23
This week, Bitcoin briefly reached $30,000 for a second time as hopes grew that another favorable ruling would lower the hurdles to the eventual approval of an exchange-traded fund containing the cryptocurrency.

A decision by a U.S. court in Washington, which might challenge the August decision made by Grayscale Investments LLC, which filed a lawsuit against the Securities and Exchange Commission to convert its Bitcoin trust into an ETF, is anticipated as soon as this Friday.
After the SEC decided last week not to appeal a previous verdict it lost, this is the next step in the procedure. According to James Seyfarth, a Bloomberg Intelligence analyst, "the mandate could be granted on Monday."

The rise in smaller token prices has been aided by the movement in cryptocurrencies, which make up around half of the market value of the entire crypto industry. While alternative coins like MATIC Polygon and SOL Solana increased 6.8% and 3.3%, respectively, Ether traded up 2.7%.

A lawsuit accusing Ripple co-founder Christiane Larsen and CEO Bradley Garlinghouse of misrepresenting the cryptocurrency XRP by selling more than $1 billion in tokens without registering them was dismissed last week after the SEC petitioned a federal judge to do so.

The action was interpreted by investors as a warning that the watchdog would soon weigh in on the much more important issue of whether it even had the authority to regulate crypto-assets like securities.

According to a Bloomberg Intelligence estimate, if appeals are filed, Ripple still has a 70% chance of maintaining its victory over the SEC, even if such objections might not be made until 2024.

Following false media rumors that the SEC had launched its first exchange-traded fund specifically targeting the price of blockchain, the price of bitcoin rose beyond $30,000 on Monday. This is a hint that cryptocurrency investors are anxious to see such a product succeed in the market. line.

"There has never been more institutional interest for the ETF spot market. For many institutions, the SEC's approval of a spot ETF protocol is a matter of when, not if, Diogo Monica, co-founder and president of the cryptocurrency bank Anchorage Digital, said. The spot blockchain ETF ultimately ushers in a time when all significant shifts can be directly reflected in the digital asset class.

Created with