Bitcoin Soars After US Courts Open Way For Investors. The value of Bitcoin crypto assets slowly began to soar on Tuesday (29/8/2023) after a United States (US) court opened the way for a fund traded on the country’s first Bitcoin exchange.
The decision is a breakthrough moment for crypto investors and a setback for the US Securities and Exchange Commission (SEC), which has sought to rein in the digital asset industry.
Previously, a three-judge panel for the DC Court of Appeals overturned an SEC decision denying Grayscale Investments permission to launch a Bitcoin-focused ETF. The panel said regulators had failed to adequately explain why they had rejected the company’s application.
Hours after the decision, Bitcoin’s price, which has been highly volatile in recent weeks, rose 7 percent to nearly $28,000. Meanwhile, the largest crypto exchange in the US, publicly traded Coinbase also jumped 15 percent.
Meanwhile, Grayscale believes the proposal is materially similar to other Bitcoin investment products that have been approved by the SEC. Two other Bitcoin products from crypto firms Valkyrie and Teucrium also hold futures contracts on the Chicago Mercantile Exchange.
Bitcoin Soars After US Courts. Then, the decision opened the door to investment products that investors have been interested in for years. Spot Bitcoin ETFs will allow traditional investors to have exposure to digital assets without actually owning them.