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In a major development, the U.S. Court of Appeals for the District of Columbia Circuit has ordered the SEC to reconsider Grayscale Investments' application to convert its GBTC fund into a Spot Bitcoin ETF. This decision has sent shockwaves across the crypto market, with Bitcoin price surging by 15% and setting a new yearly high at $36,000.
Simultaneously, the SEC approved Grayscale's application to launch a Spot Ethereum ETF, which added enthusiasm to the already heated sentiment of crypto market participants.
Alex DovbnyaNotably, outspoken crypto critic Peter Schiff weighed in on this unfolding story. In a tweet, he pointed to the current Bitcoin price of $35,000 and suggested that speculators are betting on the SEC's approval of Grayscale's GBTC conversion into an ETF.
Schiff cautioned that if this conversion does indeed receive the green light, it might signal the peak of the ongoing Bitcoin price rally. He further warned that any potential sell-off following approval could be less severe than anticipated.
Two main questions right now
The crypto community is now abuzz with speculation about the impact of the decision on Bitcoin's trajectory. Will approval lead to another price pump, as enthusiasts hope? Or will Schiff's cautionary note be validated, resulting in a market downturn? The outcome remains uncertain, making it a pivotal moment for the crypto market.
As crypto enthusiasts await the SEC's verdict, the future of Bitcoin hangs in the balance at yearly highs, with its price and market stability at the forefront of everyone's minds.
Dan Burgin
Alex Dovbnya