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Bitcoin Fails to Take out Last Summer's Highs Despite Grayscale's Court Win

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Wed, 30/08/2023 - 6:20
Bitcoin Fails to Take out Last Summer's Highs Despite Grayscale's Court Win
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Despite recent favorable court rulings in the cryptocurrency space, Bitcoin has struggled to surpass last summer's peak performance.

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As reported by U.Today, Grayscale, a leading crypto asset manager, recently won a landmark case against the U.S. Securities and Exchange Commission (SEC).

This decision was highly anticipated, especially after a recent favorable ruling in the Ripple case.

Yet, despite these legal victories, Bitcoin remains unable to eclipse its previous highs.

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Its inability to sustain this rally leaves investors and analysts questioning what it will take for the digital currency to break new ground.

According to data from CoinGecko, the cryptocurrency briefly touched $28,000 post-ruling but has since retreated to $27,452.67, as of the latest data.

Optimism was high among industry watchers prior to the ruling, with some expecting a more significant price bump. "I thought Bitcoin would experience a 10-15% green candle with a great court ruling," said John Deaton, an attorney friendly to Ripple and XRP.

It remains to be seen whether new developments within the crypto ETF space will push the price higher.

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