Bitcoin (BTC) soared on Monday after Grayscale came closer to having its spot-bitcoin exchange-traded fund approved for trading on the US stock exchange.
US markets regulator the Securities and Exchange Commission (SEC) said it would not appeal a court ruling, a source reportedly told Bloomberg on Friday, October 13.
In August, Judge Neomi Rao ruled that the SEC’s denial of Grayscale’s ETF application, which would allow investors to directly own bitcoin on the public markets, was “arbitrary and capricious”.
The SEC has yet to appeal the decision.
While there is no official confirmation on the matter, markets pounced on the possibility, sending bitcoin rocketing higher when trading kicked into gear this morning.
At the time of writing, the BTC/USDT was swapping for more than $27,800 having added 2.5% in morning trades.
Despite the rally, there were signs of bearish resistance at the 200-day moving average trend line, where bitcoin was rejected after nearly hitting $28,000.
Grayscale Bitcoin Trust (GBTC) shareholders also have something to cheer about, as the investment vehicle appears to be narrowing a long-held discount to net assets under management.
Data is only available as of Friday, October 13, when the discount was less than 16%. Earlier this year, GBTC was trading at as much as a 50% discount.
Bitcoin remains 8% lower over six months – Source: tradingview.com
Bitcoin saw its market dominance of the wider cryptocurrency market surge higher as spot prices in the altcoin space were unable to keep up with the benchmark.
The second-largest cryptocurrency Ethereum (ETH) jumped 1.5% on Monday and was swapping for $1,580 at the time of writing.
In the broader altcoin space, Ripple (XRP), Solana (SOL), Cardano (ADA) Dogecoin (DOGE) and Polygon (MATIC) remain in the red week on week, though Binance’s BNB token has managed to ad around one percentage point.
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