MARKETS DAILY: Crypto Update | Bitcoin Rallies on Grayscale Court Win Over SEC

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4.7 • 698 Ratings

🗓️ 30 August 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The U.S. Securities and Exchange Commission must review its rejection to convert the Grayscale Bitcoin Trust into an exchange-traded fund, the appeals court ruled Tuesday. Today's episode is sponsored by Kraken Pro and Simpluris. Today's Stories: First Mover Americas: Bitcoin Rallies on Grayscale Court Win Over SEC Grayscale’s Victory Ignites a GBTC Trading Frenzy as Investors Bet on Narrowing Discount to Bitcoin Price It's a Bullish Double Whammy for Bitcoin, but Caution Still Warranted Grayscale Ruling Does Not Guarantee Bitcoin Spot ETF Approval, Traders Say SEC’s Grayscale Court Rout Puts Agency in Will-They, Won’t-They Role Starring Gensler - From our sponsors: Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto. It’s Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface. Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax. - Simpluris: If you purchased FEI or TRIBE tokens in the Genesis Event between March 31st and April 3, 2021, a class action settlement may affect your rights. You can learn more about the settlement and file a claim here. - This episode was hosted by Michele Musso. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by Cracken and Simpleris.
0:09.0	It's Wednesday, August 30th, 2020, and this is Markets Daily from CoinDesk.
0:14.0	Hi, I'm Michelle Muso here with your Crypto Markets Roundup.
0:17.1	On today's show, we're talking Bitcoin, grayscale spot Bitcoin ETF, and more. And just a reminder, CoinDesk is a news source and does not provide investment advice.
0:32.9	Bitcoin gained nearly 8 percent, topping $28,000 at one point on Tuesday afternoon, after a federal appeals court ruled that the SEC must review its rejection of grayscale investments, attempt to convert its GPTC, grayscale Bitcoin Trust, into an ETF.
0:49.7	We'll dive deeper into this story after the break. But first, we'll look at markets.
0:55.3	Just as it has been typical with such rallies for many months, crypto quickly gave back a chunk of those gains. Bitcoin
1:00.8	was trading just under $27,400 this morning, still up more than 5% over the past 24 hours.
1:08.1	GPTC also saw its busiest trading session in 14 months with nearly 20 million shares
1:14.0	changing hands through the day. According to Yahoo data, this was the most since the June
1:18.4	2022 crypto market crash. Other movers included Bitcoin Cash, which has surged 15% over the last
1:26.2	24 hours and Stax, a Bitcoin Layer 2 protocol,
1:29.7	was also a top gainer following the news, gaining 20% on the day.
1:34.5	DCG, the parent company of Grayscale, also owns CoinDesk.
1:39.2	Bitcoin's price on Tuesday, after weeks of slumber, was caused by traders reacting to hopes of the long-contended
1:45.5	gray-scale Bitcoin Spot ETF, getting approved in the U.S.
1:50.0	While most market participants are rejoicing, some remain cautious about the optimism,
1:54.2	draining out the current euphoria amongst loyalists.
1:57.8	In a note to CoinDesk on Wednesday, research analysts at Finqua International said, quote,
2:02.4	Grayscale obtained the chance of seeing their filing reevaluated by the SEC, as the causes of rejection
2:08.1	did not seem fair to the judge, end quote. The analyst continued, quote, it doesn't mean that now
2:13.6	Grayscale will be 100% able to list a spot Bitcoin ETF, nor that this will happen in the
	...

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