After a good fall, there was fear in the market and because of this, Bitcoin simply moved sideways. But one new event changed everything
In an important development, Grayscale Investments won its lawsuit against the US Securities and Exchange Commission (SEC). The lawsuit, filed in June of this year, challenged the SEC's refusal to accept Grayscale's offer to convert its Bitcoin Trust (CBTC) into a Bitcoin ETF.
The court's decision, which the cryptocurrency community was eagerly awaiting, has already affected the Bitcoin rate, which has grown from $26,000 to $28,200. Industry analysts have previously expressed optimism about Grayscale's chances of winning the lawsuit.
According to the court's ruling, the U.S. Court of Appeals for the District of Columbia Circuit granted Grayscale's motion for review and reversed the SEC's order denying Grayscale's application to convert its Bitcoin Trust into a Bitcoin ETF.
Grayscale's lawsuit against the SEC is unique compared to other firms whose Bitcoin ETF applications have been rejected by the SEC. While other firms have decided to reapply or explore alternative options, Grayscale has taken the legal route by suing the SEC.
We expected a possible rebound and therefore received good results
You can receive even more profitable trades and quality news in my Telegram channel Moonxcrypto. This publication was sponsored by him.
In the next post I will describe the further movement of the market and explain the fall position. Like if interested
