Grayscale Wins Against SEC – Bitcoin Spikes To $28,000!

<p>&nbsp;The crypto market echoed with the cheers of investors yesterday as they saw the price of Bitcoin suddenly soar to $28,000 again.</p><p><br /></p><p>This is due to reports regarding the victory of crypto company Grayscale Investment's lawsuit against the US Securities and Exchange Commission (SEC).</p><p><br /></p><p>This is the second victory over the SEC in the third quarter of 2023 after Ripple.</p><p><br /></p><p>A DC court ruled the SEC improperly dismissed the Bitcoin spot ETF and ordered the petition for review granted.</p><p><br /></p><p>This situation is also seen to allow Grayscale to launch the first Bitcoin spot ETF in the United States (US) and open investment opportunities to the public.</p><p><br /></p><p><br /></p><p>According to the judgment, the SEC failed to identify a clear financial and mathematical relationship between the spot and futures markets.</p><p><br /></p><p>However, this does not mean that the approval will happen, just that the decision has lowered the hurdle for approval to be obtained by Grayscale and other crypto companies as well.</p><p><br /></p><p>The development of the crypto price, Bitcoin which had plunged close to $25,000 on August 18, then leveled off at around $26,000 until the beginning of this week.</p><p><br /></p><p>But following the latest news, the price of Bitcoin quickly jumped through $27,000 until it reached the $28,000 level again.</p><p><br /></p><p>In fact, the price of other cryptocurrencies has also been updated to increase with Ethereum breaking through the $1,700 level again while XRP rose to $0.55 yesterday.</p>