Kategorie: Bitcoin News

• SEC delayed its decision this week on applications for a Bitcoin ETF.
• Former SEC chair Jay Clayton talked Bitcoin ETF with CNBC on Friday.
• The world’s largest cryptocurrency is down 18% versus its YTD high.

The U.S. Securities and Exchange Commission delayed its decision on a bunch of applications for a Bitcoin ETF this week.

Jay Clayton talks Bitcoin ETF with CNBC

Applicants that its most recent deferral affected include WisdomTree, Valkyrie, Invesco, Vaneck and BlackRock Inc.

Still, Jay Clayton – the former Chair of the Securities & Exchange Commission is convinced that approval for the said exchange-traded fund is a matter of “when” and not “if”. On CNBC’s “Squawk Box”, he said:

Bitcoin is not a security. So, I think an approval is inevitable. The dichotomy between a futures product and a cash product can’t go on forever. That’s the path we are on.

At writing, the world’s largest cryptocurrency is down about 18% versus its year-to-date high in mid-July.

Why is SEC delaying deciding on Bitcoin ETF?

Clayton sees the hype around a Bitcoin ETF as a tell that retail and institutional investors alike want access to the digital asset.

Note that a U.S. court ruled in favour of Grayscale this week in its lawsuit against the SEC (find out more). According to the former head of that government agency:

SEC has been given time by the DC Circuit to reassess and perhaps come up with other reasons. Maybe there will be some but I don’t see those.

A Spot Bitcoin ETF is a big deal as many experts believe it could boost demand for the cryptocurrency which may eventually translate to significant price appreciation.

The post Former SEC chair on Bitcoin ETF: ‘I think approval is inevitable’ appeared first on CoinJournal.

As can be seen in the crypto heat map below, Bitcoin (which has retested levels under $26k) and Ethereum (prices have dipped under $1.7k) lead the 24 hour rot. Most top 20 coins are in the red. CoinGecko data also shows the global crypto market cap has dropped by 3.4% at the time of writing.

Bitcoin’s returns broken down by months

September has had the least number of positive-returning months at just two and is on a 6-year negative-returning streak. pic.twitter.com/4VqZkMubm3

— Will Clemente (@WClementeIII) August 31, 2023

According to Santiment, Bitcoin’s nearly 5% slip in the past 24 hours has the top crypto “right back where it started prior to the Grayscale news” that catalysed the broader crypto market. The upside that followed the court decision could now be more of a ““buy the rumour, sell the news” event,” the market intelligence provider noted.

Stock-to-flow model creator PlanB points to the fact that Bitcoin has to shake off “all tourists and weak hands before take-off.”

Sorry, we have to get rid of all tourists and weak hands before take-off. Almost there. pic.twitter.com/Lp6N4K9NhD

— PlanB (@100trillionUSD) September 1, 2023

While the next few weeks will likely be as choppy as anything, analysts are forecasting a return to upside momentum in mid-October. This outlook bears in mind the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.

Bitcoin was trading near $26,000 after testing lows of $25,683, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.

The post Bitcoin, crypto prices fall as bumpy September rolls in appeared first on CoinJournal.

• Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
• Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
• Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.

The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion. 

But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

Why is the crypto market rising today?

Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

The post Stacks and Toncoin lead the bull cycle as global crypto market cap surge appeared first on CoinJournal.

• Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
• The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.

Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.

Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.

Why is Bitcoin and crypto surging?

Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).

As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.

The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.

The post BREAKING: Bitcoin hits $28k after Grayscale win against SEC appeared first on CoinJournal.

• U.S. court rules in favour of Grayscale in its lawsuit against SEC.
• Today’s ruling paves the way for the first U.S. Bitcoin ETF.
• Bitcoin and Ethereum jumped over 5.0% following the news.

The U.S. Court of Appeals for the DC Circuit just ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

First U.S. Bitcoin ETF is now expected soon

SEC had blocked the asset manager’s effort to convert its flagship Grayscale Bitcoin Trust to an exchange-traded fund last year.

But the ruling this morning paves the way for a Bitcoin ETF not just for Grayscale but also for others that have applied for one, including BlackRock and Fidelity. A Grayscale spokeswoman said today:

[Ruling] is a monumental step forward for investors, Bitcoin ecosystem, and those who have been advocating for Bitcoin exposure through added protections of ETF wrapper.

Bitcoin as well as Ethereum jumped more than 5.0% following the announcement on Tuesday.

Why does a Bitcoin ETF attract all the hype?

Note that a Spot Bitcoin ETF is a big deal as several experts are convinced that it would help boost institutional interest in the cryptocurrency and potentially unlock its next leg up.

Shares of Coinbase Global – the listed custodian partner in a bunch of applications for such an exchange-traded fund are also up nearly 15% at writing. According to Dave Weisberger – the Chie Executive of CoinRoutes:

It virtually guarantees they will approve BlackRock and Fidelity. Grayscale may need to refile, but they will almost certainty be approved as well.

The Grayscale Bitcoin Trust currently manages assets worth about $16 billion. The aforementioned lawsuit against the U.S. Securities & Exchange Commission started in June of 2022.

The post Grayscale secures a big win against SEC in Bitcoin ETF case appeared first on CoinJournal.