The SEC has seemingly overestimated its ability to suppress the crypto industry following a series of woes, with the last being an announcement that it will not appeal its loss in its case relating to Grayscale’s Bitcoin spot ETF application.
So, what impact could this have on the Bitcoin price in the coming weeks?
Market Sentiment Grows Amid SEC’s Decision Not to Appeal Grayscale Case Verdict
The SEC will not appeal a court’s rule to reverse a decision where it would not allow Grayscale to convert its Bitcoin trust to a more appealing spot exchange-traded fund.
It had until Friday to appeal the decision, but a recent Reuters report explained that the SEC will let the deadline pass without taking action.
The court is now expected to instruct the SEC to revisit its verdict, opening the possibility of Grayscale’s spot Bitcoin ETF being approved. Other prominent institutional players like Blackrock and Fidelity also have Bitcoin spot ETFs awaiting approval.
Bitcoin’s price has increased following the announcement, climbing from $26.6K to $27K. However, it has since sold off, currently trading at $26.87K.
Trading volume is down significantly at $4.9 billion and -66% for the last 24 hours. However, considering Bitcoin has been on a downtrend recently, bullish fundamentals and a decrease in trading volume could mean short sellers are exhausted, indicating a potential reversal.
The Bitcoin Fear & Greed index shows that the market sentiment is edging towards fear, currently at 47 and down two points in 24 hours.
Despite this, prominent crypto analysts regard the news as significantly bullish. Coin Bureau took to X to share his thoughts on the SEC not appealing the court’s ruling.
The tweet explained that the decision bolsters the odds of a Bitcoin spot ETF approval, noting that it is “good news.”
Meanwhile, BTC_Archieve explains that the SEC will now have to approve Grayscale’s ETF unless it can find new reasons to delay or deny the application.
Another popular crypto analyst, TheCryptoLark, claims that the SEC’s decision not to appeal the verdict means “They have no good reason to continue denying BTC ETFs,” saying it is now a case of “when not if” the Bitcoin ETFs are approved.
Overall, crypto commentators regard the news as massively positive, alluding it could bolster Bitcoin’s price. However, other recent events, like MetaMask being removed from the App Store, may have suppressed the market’s euphoria.
Regardless, one new project continuing to thrive is Bitcoin Minetrix, a newly launched presale touted as the next crypto to explode.
Could Bitcoin Minetrix Also Benefit if the BTC Price Grows? Analyst Predicts 10X Gains for New Mining Project
Bitcoin Minetrix is a brand new Stake-to-Mine platform enabling users to earn Bitcoin by staking $BTCMTX tokens on its Ethereum-based protocol.
This groundbreaking concept has rallied investors’ attention, leading to an explosive presale that has raised $1.4 million in three weeks.
With a stage one target of just over $1.5 million, the round is nearing its end, and the price is about to increase.
Besides significant investor interest, Bitcoin Minetrix’s use case has also caught the attention of prominent crypto analysts. YouTuber Jacob Bury recently called it the next 10x potential crypto.
Bury referenced the effortless nature that users can earn free Bitcoin as a primary driver of its success potential. The project boasts the most convenient way to mine Bitcoin, requiring zero hardware, upfront cost, or technical expertise.
Instead, users simply stake $BTCMTX, earn Bitcoin mining credits, and burn those for cloud mining power. As well as a cutting-edge approach to Bitcoin mining, this concept also provides massive utility to the $BTCMTX token, leading to significant upside potential.
Yet, with the presale quickly selling out, investors looking to maximize the amount of tokens they buy for the lowest price must act soon.