The crypto market echoed with the cheers of investors yesterday as they saw the price of Bitcoin suddenly soar to $28,000 again.
This is due to reports regarding the victory of crypto company Grayscale Investment's lawsuit against the US Securities and Exchange Commission (SEC).
This is the second victory over the SEC in the third quarter of 2023 after Ripple.
A DC court ruled the SEC improperly dismissed the Bitcoin spot ETF and ordered the petition for review granted.
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.
According to the judgment, the SEC failed to identify a clear financial and mathematical relationship between the spot and futures markets.
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.
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.
But following the latest news, the price of Bitcoin quickly jumped through $27,000 until it reached the $28,000 level again.
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.
