Bitcoin Rallies, Crypto Assets Surge After Grayscale Wins Suit Over ETF Application
08/29/2023 22:22
Bitcoin rose Tuesday, extending gains [after a court ruled](https://www.wsj.com/finance/regulation/grayscale-wins-lawsuit-against-sec-over-bitcoin-etf-1b305cfa) that the Securities and Exchange Commission should not have rejected asset manager Grayscale's spot bitcoin exchange-traded fund application. Bitcoin was recently up about 6%, while the Grayscale Bitcoin Trust was roughly 18% higher. Bitcoin-related assets surged on the news, which traders were betting would pave the way for broad investor adaption of exchange-traded funds backed by bitcoin rather than futures.
Bitcoin rose Tuesday, extending gains [after a court ruled](https://www.wsj.com/finance/regulation/grayscale-wins-lawsuit-against-sec-over-bitcoin-etf-1b305cfa) that the Securities and Exchange Commission should not have rejected asset manager Grayscale's spot bitcoin exchange-traded fund application. Bitcoin was recently up about 6%, while the Grayscale Bitcoin Trust was roughly 18% higher. Bitcoin-related assets surged on the news, which traders were betting would pave the way for broad investor adaption of exchange-traded funds backed by bitcoin rather than futures.