Bitcoin prices rose 14% this morning to $34,283, its highest level in more than 12 years. Driven by the prediction that the US government will soon approve the creation of the first Spot Bitcoin ETF in the US.
In June 2022 Grayscale Investments, a major digital asset fund manager, filed a lawsuit in US court. This comes after the US Securities and Exchange Commission (SEC) did not approve the company’s request to convert Bitcoin Trust (GBTC) into a Bitcoin ETF.
And later in August of the same year. The US Court of Appeals ruled that the SEC’s refusal to approve Grayscale’s conversion of a Bitcoin fund into a Bitcoin ETF was arbitrary and capricious, as the SEC took a different approach to the same product that the SEC could not explain. As a result, the court granted Grayscale’s request. and rescind the SEC order
Until recently (October 23), the US court upheld this decision. By awarding the company Gray Scale won the case for converting Bitcoin credit into the Spot Bitcoin ETF.
Alex Adelman, founder of Lolli, said that if the US government eventually agrees to create a bitcoin spot investment fund, bitcoin prices will soar to all-time highs. It will make the trading atmosphere in the cryptocurrency market lively as well.
By InfoQuest News Agency (October 24, 2023)
Tags: bitcoin, cryptocurrency, cryptocurrency, bitcoin
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