A report that the SEC won't appeal a legal ruling paving the way for a spot Bitcoin ETF sends Bitcoin higher.
Bitcoin and other cryptocurrencies surged Monday on the rising possibility that the Securities and Exchange Commission soon will approve the first spot Bitcoin exchange-traded fund, a key catalyst for cryptos.
While cryptos continue to be impacted by the macro backdrop—with Bitcoin reacting alongside the Dow Jones Industrial Average and S&P 500 to interest-rate expectations and new conflict in the Middle East—crypto-native catalysts have returned to the fore. The regulator could decide this month whether to wave through the first such ETFs—as applied for by BlackRock, Invesco, and other financial giants this summer—and whether to appeal a legal win by Grayscale that sets the stage for the trust conversion. The latest news on the matter, which has ushered in the latest gains for Bitcoin, is that the SEC doesn’t plan to appeal a federal court ruling that all but paves the way for Grayscale to convert its trust to an ETF, as Barron’s has reported.
A key sign that traders have turned particularly bullish on the Grayscale conversion Monday was a shift in the Grayscale discount.
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