Grayscale has scored a landmark victory against the US Securities and Exchanges Commission. In a unanimous 3-0 decision, the D.C. Circuit Court of Appeals has ruled to vacate the SEC’s rejection of the Grayscale spot Bitcoin ETF.
Following the court’s decision, the global crypto market cap saw a 5.5% surge, with Bitcoin skyrocketing 7% to trade near the $27,900 price level.
Ethereum also bounced by 5.7% in the daily time-frame, with whales rushing to increase their ETH holdings since the Grayscale win.
With the likelihood of an ETH spot or futures ETF now significantly higher, experts are predicting a bullish continuation for the second-largest crypto asset, with numerous other altcoins also expected to benefit.
Ethereum Set For Bullish Continuation After Historic Grayscale Win
The crypto market finally broke out of its bearish trend after the DC Court of Appeals ruled in favour of Grayscale in its lawsuit against the SEC.
The ruling brings Grayscale one step closer to converting its GBTC fund to a spot Bitcoin ETF. While the ruling does not automatically order the SEC to accept spot Bitcoin applications, it does take away the financial watchdog’s long-standing rationale for rejecting them.
Ethereum has also emerged as one of the biggest winners of the current bull rally. ETH saw a 135% surge in its 24-hour Trading Volume, resulting in the token surging close to 6% and regaining the $200 billion market capitalization.
Thanks to the bullish price action, ETH is now trading at $1736 and has breached the crucial $1700 resistance, with investors now gearing for the approval of various Ethereum ETFs as well.
Experts already believed that the SEC would give a green light to an ETH futures ETF. Now with the Grayscale victory, the path to a possible spot Ethereum ETF has also opened up.
Popular crypto analyst @NorthRockLP believes that an ETH spot ETF approval has “extremely high odds”. He believes that the SEC has no ground to deny such an application now that the courts have essentially ruled that the futures surveillance is sufficient.
Another crypto trader @econoar believes that most investors are massively under-exposed as the ETFs could kick start the next crypto bull run.
The smart-money investors appear to agree with this assessment as whales quickly started stockpiling on ETH after the Grayscale news broke. On-chain data firm Look On Chain reveals that a whale spent $13.66 million USDC to purchase 8000 ETH tokens at an average price of $1708.
All eyes have now turned to the first deadline of BlackRock’s spot Bitcoin application this Friday. An approval by the SEC could result in a euphoria in the crypto market, with ETH likely seeing a strong bullish continuation.
While Ethereum, Bitcoin and other major coins see a much needed upturn, several new tokens are also benefiting and look to have bullish futures.
Will Wall Street Memes Token Explode Next? IEO Set for September After $25 Million Raise
Wall Street Memes is another token that is generating excitement, having already raised over $25 million in its ICO.
The project announced that $WSM has scored multiple Tier-1 CEX listings and will launch in less than a month. As a result, popular crypto traders like Jacob Bury believe that the token will display an explosive 10x price action after launch.
After all, the developer team behind the token has a strong track record of delivering successful Web3 products – its Wall St Bulls NFT collection was met with a positive reception and sold out in just 32 minutes.
Furthermore, the Wall Street Memes token enjoys a strong community backing, in part due to its ties to the legendary Wall Street Bets Reddit community that inspired the historic GameStop short-squeeze in 2021.
Since then, the Wall Street Memes group has become the internet’s trendiest trading community, thanks to its on-point and humorous memes that even Elon Musk is a fan of.
The token’s community-centric tokenomics has also become a strong point of attraction for retail investors. The entire $WSM supply is available for the public with no cuts for the team or any private sale. It is also offering its own stake-to-earn feature that can yield as much as 84% APY.
Due to its popularity, $WSM is aiming to follow the likes of Pepe by achieving the coveted $1 billion market capitalization, which would see the token rise significantly from its presale price.
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New Web3 Platform Launchpad XYZ Also Bullish as Presale Hits $1.5 Milestone
Another new token to watch is $LPX, the native coin of the new investment platform Launchpad XYZ.
The extreme volatility in the crypto market is often an entry barrier for new traders and can be overwhelming even for expert crypto natives. To combat this, Launchpad XYZ is seeking to be the new “home of Web3” for the next 10 million users, offering a wide range of tools that cater to their every need.
The all-in-one ecosystem is providing a custom Web3 wallet, premium NFT marketplace, fractionalized assets and its own decentralised exchange. However, it puts a special emphasis on helping its users gain a competitive edge in the world of crypto trading.
For example, the Launchpad Quotient awards a score of confidence to a large number of crypto assets, which traders can help to identify the next Pepe or Floki. Similarly, the TradingEdge tool can help users make informed market decisions with the help of sentiment analysis and the latest crypto news.
Furthermore, traders can take advantage of the alpha calls group on Telegram, which will be free for the duration of the presale. It has already delivered several successful trade setups like Elon 2.0 which generated an astounding 29x gain.
Due to this high utility, $LPX has already raised $1.5 million in its ICO. On top of a generous 20% bonus, presale token holders will also receive an NFT-based access pass that will unlock several exclusive perks depending upon the amount of $LPX tokens purchased.