Shares of cryptocurrencies are trading higher following a report suggesting the US federal appeals court ruled the SEC was wrong to reject Grayscale's spot bitcoin ETF application.
Portfolio Pulse from Benzinga Newsdesk
Cryptocurrencies are trading higher after a US federal appeals court ruled that the SEC was wrong to reject Grayscale's spot bitcoin ETF application.
August 29, 2023 | 2:36 pm
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POSITIVE IMPACT
Cardano is trading higher following the court ruling in favor of Grayscale's bitcoin ETF.
Similar to Ethereum, the court ruling is likely to have a positive impact on Cardano as well. Increased institutional investment in the cryptocurrency market could drive up the prices of other cryptocurrencies, including Cardano.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin is trading higher following the court ruling in favor of Grayscale's bitcoin ETF.
The court ruling in favor of Grayscale's bitcoin ETF is a positive development for Bitcoin, as it could lead to increased institutional investment in the cryptocurrency. This is likely to drive up the price of Bitcoin in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum is trading higher following the court ruling in favor of Grayscale's bitcoin ETF.
Although the court ruling is specifically about a Bitcoin ETF, it is likely to have a positive impact on other cryptocurrencies like Ethereum as well. This is because the ruling could lead to increased institutional investment in the cryptocurrency market as a whole, driving up the prices of other cryptocurrencies.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80