Bitcoin ETF Approval Looms After Court Forces SEC To Reconsider Decision On Grayscale; Bitcoin Price Breaks Above $27K

A federal court has ordered the SEC to review its rejection of Grayscale Investments' application to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). This could pave the way for the US to get its first spot bitcoin ETF.

Timeline of Bitcoin

Crypto analyst Benjamin Cowen says the U.S. Federal Reserve will play an integral role in deciding when the next Bitcoin (BTC) bull market kicks off. In a new strategy session, Cowen tells his 786,000 YouTube subscribers that BTC is currently flashing a mixed bag of indicators.

Amid swirling speculations about the third biggest bitcoin wallet, chatter has now emerged linking the fifth largest BTC wallet to the late Yevgeny Prigozhin, former owner of the Wagner private military company (PMC). However, a straightforward blockchain explorer search clearly indicates the wallet bears a label identifying it as property of the U.S. government.

Canaan, a producer of legendary ASICs series Avalonminer and one of the largest corporate Bitcoin (BTC) miners, shared its unaudited Q2, 2023, report. Despite the amazing performance of all key metrics, the firm is still grappling with a challenging market context and, therefore, has failed to achieve the break-even point.

Ethereum 2.0 News Digital currencies are swiftly progressing, manifesting new techniques and procedures aimed at refining the current systems. Among one of the most awaited advancements in this realm was the Ethereum 2.0 upgrade - a substantial enhancement to the pre-existing Ethereum blockchain.

Bitcoin (CRYPTO: BTC) moved slightly lower, but the cryptocurrency prices traded above the $26,000 level on Tuesday. Ethereum (CRYPTO: ETH), also edged lower, but traded above the key $1,600 mark this morning.

BlackRock (NYSE: BLK) — one of the largest investment companies in the world — has been showing interest in Bitcoin (BTC) for a while. The company is trying to get a Bitcoin spot ETF approved with the SEC in the United States, as well as being a major shareholder in 4 of the 5 largest Bitcoin miners.

Bitcoin (BTC) miner Canaan‘s second-quarter financial report showed that the firm operated at a loss during the reporting period despite its increasing mining revenue and computing power. Per the unaudited financial report, the miner generated a total revenue of $73.9 million, while its “cost of revenues” were $143.

According to a recent tweet posted by @PeckShieldAlert crypto analytics account, the fifth largest Bitcoin address may be controlled by an entity that is believed not to favor the world's premier digital currency much.

After FTX's fall in 2022, concerns about risks in centralized crypto exchanges grew. The biggest hack of 2022 where $4.6 billion was washed out is still fresh on people's minds. It's surprising how the investigating agency involved in the cyber theft could itself come under scrutiny.

Bitcoin returned to the red on Tuesday, as markets began to anticipate the upcoming consumer confidence report in the United States. The Conference Board index is expected to fall to a reading of 116 in August, from 117 the month prior. Ethereum was also marginally lower.