Cryptocurrencies experienced a surge in value following a federal appeals court ruling in favor of Grayscale Investments, an asset manager seeking to launch the first bitcoin exchange-traded fund despite objections from the Securities and Exchange Commission (SEC).
This decision is seen as a significant victory for the cryptocurrency industry, as it strives for greater mainstream exposure to digital assets. Conversely, it represents a setback for the SEC, which has been cracking down on the industry.
As a result of the ruling, the price of bitcoin (BTC-USD) increased by over 5%, surpassing $27,000. This marks the largest one-day jump since June. Additionally, Coinbase (COIN), the largest crypto exchange in the US, saw a surge of over 13%, while bitcoin mining companies Marathon Digital (MARA) and Riot Blockchain (RIOT) experienced increases of 18% and 24% respectively.
Asset managers have been attempting to persuade the SEC to approve a spot bitcoin ETF for several years. Such an approval would enable investors to gain exposure to the world’s largest cryptocurrency without actually owning it. However, the SEC has consistently denied these applications, citing…
2023-08-29 11:23:07
Source from finance.yahoo.com
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