Bitcoin relaxes after recent increases and there is optimism about the Grayscale case

Bitcoin relaxes after recent increases and there is optimism about the Grayscale case
August 31, 2023 – 10:00

In general, the crypto market is ironed without major movements.

the bitcoinand in general, the crypto market, is taking a short breather this Thursday, after some climbs and resolutions in the Grayscale case. the BTC shows a moderate retracement in the last 24 hours, but remains comfortably above the $27,200Meanwhile he ethereum (ETH) follows the same trend, holding on to the $1,700.

Despite this, cryptocurrencies majors maintain a notably higher position than in previous days, thanks to the impetus provided by the court ruling involving grayscale and the Securities and Exchange Commission (SEC). The US court ruled in favor of Grayscale, which implies that the regulator will have to review again the firm’s request to convert its prominent fund, Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund (ETF) of bitcoins cash.

Although the ultimate success of Grayscale throughstill not guaranteedSince the SEC can appeal the ruling or even reject the application in a second review, the market has interpreted this court decision cAs a key step towards the approval of various ETFs bitcoin in cash presented by important companies such as BlackRock and Fidelity. Since these firms filed their initial applications, the SEC has a 240-day window to respond to each one, and experts are starting to look at the first quarter of 2024 as the time when they could get the green light from the regulator.

From a technical perspective, Rania Gule, Markets Analyst at XS.com, notes that the latest rally has led Bitcoin to test “the trend line level that was broken on Tuesday during the sharp rise in price to $27.462“.

Bitcoin: the next targets to beat

“The next targets in this case would be $29,300 and $30,000. In the short term, the bitcoin price could continue its rise and approach the $28,335.58 in an attempt to challenge the resistance zone. However, prices are more likely to stay in a range, fluctuating between $28,100 and $25,870while markets await stronger catalysts,” says Gule.

In the business field, Digital Currency Group is facing obstacles in the bankruptcy process of its Genesis branch, specifically with its Gemini subsidiary. The Winklevoss brothers-led crypto exchange, which has been in dispute with the Barry Silbert-led conglomerate since last November, has joined two other major creditors in rejecting Digital Currency Group’s proposed restructuring plan.

In the rest of the market, the main ‘altcoins’ are showing disparate movements. Solarium (SOL) registers a fall of around 4% in the last 24 hours, while Ripple (XRP) and Cardano (ADA) give up 1% each. For his part, he Dogecoin (DOGE) is on an upward path, recovering 1% in its value. These variations continue to illustrate the volatility characteristic of this ever-changing sector.

Source: Ambito

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