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"In a refreshing ruling on August 29th, the US District of Columbia Court of Appeals stated that the strict refusal by the Securities and Exchange Commission (SEC) to allow Grayscale to convert its over-the-counter (OTC) Bitcoin Trust Fund (GBTC) into an Exchange-Traded Fund (ETF) was indeed a mistake.
Regulators had previously prohibited the conversion of GBTC into an ETF, citing alleged lack of measures to prevent price manipulation, forcing Grayscale to file a lawsuit. Before making this ruling, the presiding judge stated that the SEC needed to provide detailed reasons for their denial of Grayscale's application.
Following today's court statement, Bitcoin's price surged, and the consequences of this rally had a positive impact on Litecoin. In fact, BTC rose by approximately 10%, rebounding significantly from the support level around $25,800 recorded last week. Meanwhile, Bitcoin's ""silver,"" LTC, rose by 7% at the time of writing, aiming to reverse the losses from August 17th.
Litecoin's price is approximately $70, and trading volume has increased significantly. In cryptocurrency trading, regardless of the direction of the trend, a surge in trading volume can indicate participation and provide an ""indication"" of trader sentiment.
With the increase in trading volume and rising prices, this may indicate that bulls are preparing for further gains in the coming trading days. Conversely, a significant increase in trading volume amid losses could imply that bears are selling, and prices may drop." |
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Post time 17-10-2023 11:11:22
