Bitcoin surpasses $30,000 with market excitement

Bitcoin, the largest and oldest cryptocurrency on the market, surpassed the $30,000 mark this Friday morning (20), reaching its highest price since early August.

One of the reasons for this positive reaction may be related to the rise last Monday (16), when fake news about ETFs caused the cryptocurrency market to gain $52 billion in a few minutes, before erasing the gains. Therefore, investors may take positions hoping for a new high.

Moreover, the SEC on Thursday (19) gave up its major battle against the cryptocurrency industry. In addition to failing to appeal Grayscale, the manager trying to convert the GBTC fund into an ETF, the SEC also dropped its case against Ripple (XRP), which it lost in July.

Largest US Cryptocurrency Broker Trusting Bitcoin ETF Will Be Approved

Speaking to CNBC last Friday (20), Paul Grewal was confident in the spot Bitcoin ETFs in the US. According to Coinbase’s legal director, the SEC would have no choice but to approve them.

“I am very hopeful that these requests [de ETF] will be granted, even though they should be granted according to the law.”

“The companies that have submitted robust proposals for these products and services are among the largest blue chip companies in the financial services industry”Grewal said. “This suggests we will see progress [sobre os pedidos] soon.”

A recent analysis from CryptoQuant indicates that Bitcoin ETFs, if approved, could make the cryptocurrency market gain $1 trillion, that is, double its size. Therefore, not only BTC can benefit from this, but the entire sector.

Another cryptocurrency that received spot ETF applications was Ethereum. Therefore, Bitcoin could pave the way for more projects to be traded directly on US exchanges.

SEC drops case against Grayscale

Grayscale is responsible for the largest Bitcoin fund in the world, with 643,572 BTC (R$97 billion), and has been trying to convert the GBTC fund into an ETF since 2021, but the SEC has always rejected its requests, leading to the manager sued the company. Commission.

In August, Grayscale won this lawsuit, causing the price of Bitcoin to skyrocket. Although the SEC could appeal, the Commission ultimately “threw in the towel” last week and did not appeal the decision.

Therefore, many believe that Grayscale’s victory shows that the SEC has no choice but to accept ETF applications from both Grayscale and other managers such as BlackRock and Fidelity.

SEC also drops case against cryptocurrency Ripple (XRP).

Finally, the last reason that may be related to Bitcoin’s rise above $30,000 is the SEC’s lawsuit against the cryptocurrency Ripple (XRP). In a document published on Thursday (19), the Commission withdrew from prosecuting Chris Larsen and Brad Garlinghouse, president and CEO of Ripple, respectively.

With the news, XRP rose 8.6% on Thursday evening (19), surpassing the US$0.53 per unit mark.

XRP/USDT, 15 minute chart.  Source: TradingView.
XRP/USDT, 15 minute chart. Source: TradingView.

Therefore, Ripple may have caused a rally in other cryptocurrencies. Bitcoin, up 5.5%, only started rising hours after XRP. The same happened with Ethereum, which is currently showing a daily gain of 4%.

Other cryptocurrencies showed even bigger gains. The highlight is Solana (SOL), the 7th largest on the market, SOL appreciated 12.2% this Friday. Smaller projects like Stacks (STX) and Mantle (MNT) rose 17.5% and 12.8%, respectively.

Apparently, we may be on the cusp of another bull market as investor confidence makes a resurgence after the SEC lost several battles against the sector.

Source: Live Coins