Bitcoin (BTC) experienced a surge on Monday following news that Grayscale’s spot-bitcoin exchange-traded fund (ETF) could soon be greenlighted for trading on the US stock market.
On Friday, 13 October, a source informed Bloomberg that the US Securities and Exchange Commission (SEC) had decided not to challenge a recent court decision.
Back in August, Judge Neomi Rao had criticized the SEC’s decision to decline Grayscale’s ETF application, which aims to allow the public to directly purchase bitcoin on the open market, calling it “unjustified and unwarranted.”
As of now, the SEC has made no move to counter the ruling.
Although no official statement has been issued, the speculation significantly boosted bitcoin’s value when trading began today.
As of this report, BTC/USDT was valued at over $27,800, marking a 2.5% increase in its morning transactions.
However, it’s worth noting that the crypto faced potential bearish hurdles, as it encountered resistance near the 200-day moving average, just shy of reaching $28,000.
Meanwhile, shareholders of Grayscale Bitcoin Trust (GBTC) have reason to be optimistic. The investment entity seems to be reducing its longstanding discount to its net asset value. As of the latest data on Friday, 13 October, the discount stood at below 16%. To put this into context, earlier in the year, GBTC traded at a discount of nearly 50%.
Bitcoin’s market dominance in the overall cryptocurrency landscape increased as altcoin spot prices struggled to match its pace.
Ethereum (ETH), the cryptocurrency next in line after Bitcoin in terms of market cap, rose by 1.5% on Monday, trading at $1,580 at the time of this report.
In the wider altcoin market, cryptocurrencies like Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC) have experienced weekly declines. However, Binance’s BNB token saw a modest increase of approximately one percent.
