There has been one positive piece of news after another in the last 24 hours for the cryptocurrency sector. The wind of optimism has helped the price of Bitcoin (BTC) to recover. Will the trend last?
Positive news brings optimism to Bitcoin (BTC)
Yesterday, we learned that asset manager Grayscale had won its case against the Securities and Exchange Commission (SEC). The news was seen as positive for the entire ecosystem, partly because it opens the door to Bitcoin spot ETFs… But also because it shows that the SEC’s crusade against the cryptocurrency ecosystem can be stopped.
In other positive news for Bitcoin, company X (formerly Twitter) has just obtained a licence to offer cryptocurrency-related services in the United States. Elon Musk dreams of turning X into a “superapp” that allows users to hold assets and carry out transactions. So this is a major step forward, demonstrating the ambitions of the social network.
Following Grayscale’s victory, the SEC has been weakened. Senator Warren Davidson, who has made cryptocurrencies a campaign issue, has repeated his calls for Gary Gensler to be sacked. The SEC has been criticised for fuelling confusion by failing to clarify the basis on which it judges investment products. A point that the court emphasised in its decision:
“It is a fundamental principle of administrative law that agencies should treat similar cases in the same way. “
BTC price buoyed after August drop
In the immediate aftermath of the Court of Appeal ruling, the BTC price jumped 8% in the space of two hours, topping $28,000 again:
The price of Bitcoin has been propelled since yesterday
This morning, Bitcoin is trading at $27,400, with a market capitalisation of $534 billion. Other cryptocurrencies are also benefiting from this positive environment: Ethereum ETH has gained 4% over the past 24 hours, Binance BNB is up 3%, and Solana SOL has seen a more substantial jump of 6%.
Will the trend last? For the SEC, this is a major setback, and we know how closely the US agency is watched, and how it can influence the global context. We will therefore have to keep a close eye on developments in the United States in the months ahead.
