Bitcoin Cash (BCH), a Bitcoin spin-off created in 2017, increased by up to 17% following the news of Grayscale's victory over the SEC.
On-chain analytics firm Santiment noted that after the news of Grayscale's victory over the SEC quickly lifted crypto markets, the biggest notable beneficiary turned out to be Bitcoin Cash due to its increased exposure.
📊 After the news of #Grayscale's victory over the #SEC quickly lifted #crypto markets, the biggest notable beneficiary actually has turned out to be #BitcoinCash, due to its increased exposure. This phenomenon was similar to what we saw in mid-June when the #ETF news was first pic.twitter.com/HzEEEqZqIt— Santiment (@santimentfeed) August 29, 2023
Santiment added that this phenomenon was similar to what was seen in mid-June with the first instance of the ETF news.
Bitcoin is still up after Grayscale won a court appeal against the U.S. Securities and Exchange Commission (SEC), and BTC-related cryptocurrencies like Bitcoin Cash are up even more.
While BTC has gained 5.78% in the last 24 hours to $27,378, according to CoinMarketCap data, Bitcoin Cash has gained 13% in the same time frame to $216, making it one of the top gainers among the 100 biggest cryptocurrencies by market cap.
Grayscale win over SEC
Grayscale Investments secured an important win against the United States Securities and Exchange Commission (SEC) in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF), much to the delight of the crypto community. The SEC previously denied the GBTC application by Grayscale, citing market manipulation.
According to a court filing on Aug. 29, United States Court of Appeals Circuit Judge Neomi Rao granted Grayscale's petition for review, finding that the SEC did not "offer any explanation" as to why Grayscale was wrong. The order does not, however, guarantee the ultimate listing of a Grayscale spot Bitcoin ETF.
The SEC must now consider the application but has 45 days to appeal the judge's decision. The SEC has repeatedly dismissed Bitcoin spot ETF applications, citing concerns about market manipulation.