Bitcoin Nears $30k Following Grayscale Interim Victory in D.C

Bitcoin is the leading cryptocurrency in terms of market cap, a position it continues to hold since it was launched. On the opening of the September 18 trading session, BTC recorded its monthly high with an approximately 3% surge.

At the time of publishing, Bitcoin was trading at $27,308 with a spike of $771 in just a few hours post opening. The RSI line is still moving in the bullish territory.

The MACD is still in negative territory and below zero line but significant buyers accumulation is seen on the histogram. Market analysts estimated that this recent surge in the BTC trading price will act as a precursor to the mid term target of $30k.

So far into September, Bitcoin hit the monthly high at $28k while the lowest trading price was $26,382, however, there could be a new peak in the coming days. In the past 52 weeks, BTC price peaked at $31,862 and it lowest traded price was $15,460.

As data from Coinglass shows, the volume of BTC surged over 210.25% and Open Interest rose over 12.50%. Bitcoin trading volume rose 325% in the past 24 hours and its trading volume on OKX surged over 280%.

Impact of GrayScale Bitcoin ETF Approval on Bitcoin

According to Forbes, Grayscale has won the case against SEC (Securities and Exchange Commission) at the district court level clearing the legal path to its conversion into a retail BTC ETF. If Grayscale wins against the U.S regulators then chance might arise that other ETFs like Ethereum and other crypto will follow quickly.

Grayscale Bitcoin Trust is a publicly traded trust holding over $16 Billion in Bitcoin. It is trying to convert into a retail ETF. The firm and the SEC were engaged in a legal battle with the latter arguing that Bitcoin as an asset class lacks consumer protections.

Data from Grayscale(dot)com shows that total assets under management are $16.4 Billion and inception date is September 25 2013. On August 29 2023, the D.C Circuit unanimously ruled in favor of Grayscale.

According to Grayscale, attorneys of GBTC have submitted a comment letter to the honorable court. In case Grayscale wins against the SEC, Bitcoin price is likely to skyrocket.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing