Bitcoin’s Bullish Surge: Bitcoin saw a significant 4.5% surge in the early hours of Monday in Asia. This surge was driven by the increasing optimism regarding the potential approval of a Bitcoin exchange-traded fund (ETF) in the United States in the coming months. Bitcoin reached nearly $28,000, recovering from previous losses.
SEC’s Stance on Grayscale: The positive momentum can be attributed to the U.S. Securities and Exchange Commission’s decision not to contest a recent ruling related to Grayscale. Insider sources indicate that the SEC has chosen not to appeal a court decision that allows Grayscale to transform its famous Bitcoin trust into an ETF, which is more favorable for investors. This move is seen as a potential indication that the first Bitcoin ETF in the United States could soon be launched.
Grayscale’s Potential Transformation: The implications of the SEC’s non-appeal are significant for the Grayscale Bitcoin Trust, as it opens the door for its transition into a more appealing ETF format, which further strengthens the bullish sentiment in the crypto market.