The crypto market is enjoying a widespread recovery following the win of Grayscale over the SEC. Grayscale took the regulator to court following the rejection of its GBTC application, with the SEC claiming that these products were not designed to prevent fraudulent and manipulative acts and practices.
📊 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
Despite that, several crypto analysts throughout the market argued that the verdict in favor of Grayscale was limited in scope and the SEC still has several options left to utilize. At the same time, some predict that the SEC might eventually accept defeat as the regulator has called out the judges to get something wrong so far.
Crypto Market Booms Following the Decision
The crypto market is riding with positive momentum amid Grayscale’s win, with numerous cryptocurrencies trading in the green. The uncertainty looming throughout the cryptocurrency market was knocked away as a result of this development, with many investors regaining confidence in crypto. Some major cryptocurrencies to boom as a result of this win have been mentioned as follows.
- Bitcoin (BTC): BTC previously fell to the $26K mark but the situation has changed for the leading crypto. At the time of writing, BTC has surged by a decent 5.10% within the previous 24 hours, therefore pushing the trading price up to $27,399. Similarly, the market cap of the token currently stands at the $533 billion mark.
- Ethereum (ETH): The next token on the list is ETH. The leading altcoin surged by a respectable 4.07% within the time frame of the previous 24 hours. The increase has catapulted the trading price of the token to $1718, and the market cap currently stands at the $206 billion mark.
- Solana (SOL): Another crypto token to surge following the win of Grayscale is SOL. It is evident that the surge in trading prices has pulled SOL out of a tough phase. Currently, the token is trading for $21.60 following a surge of 5.30% within the previous 24 hours. Furthermore, the market cap of the token currently stands at the $8.8 billion mark.
- Cardano (ADA): ADA has surged by a respectable 4.20% following the win of Grayscale against the SEC. The surge pushed the trading price of the token up to almost $0.2765, and the market cap is currently $9.3 billion.
- Dogecoin (DOGE): The final token on the list is Dogecoin. Witnessing a major increase of 6.33% in the last 24 hours, the trading price of the memecoin is now $0.06727. Furthermore, the market cap of the token currently stands at the $9.2 billion mark.
