US court says SEC wrong to deny Grayscale's spot bitcoin ETF proposal

The U.S. Securities and Exchange Commission should have approved an application from Grayscale Investments to create a spot bitcoin exchange-traded fund, a federal appeals court ruled on Tuesday, in a landmark victory for the asset manager that could pave the way for the first product of its kind.

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The price of surged Tuesday after the U.S. Court of Appeals for the DC Circuit ruled that the Securities and Exchange Commission was wrong deny crypto investment giant Grayscale permission to convert its popular bitcoin trust into an ETF.

In a landmark judgment, a US Court of Appeals for the District of Columbia Circuit handed Grayscale a win against the Securities and Exchange Commission (SEC) in the lawsuit over converting the Grayscale Bitcoin Trust to a spot Bitcoin ETF. With the recent flurry of spot ETF flings from the likes of Blackrock and Fidelity,

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.

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.