Bitcoin stock market rise, Tuesday, August 29, 2023

The price of Bitcoin began to rise sharply on Tuesday afternoon after a positive decision for the crypto market in the US judicial system.

BTC was trading around $26,000 early in the day on Tuesday (just below that threshold), but it suddenly rose to $27,000 in the afternoon before jumping to $28,000 in the evening, according to Coinmarketcap quotes. In fact, in 3 hours, the price of BTC rose by 7.6%.

During the same period, Bitcoin trading volume also increased from around $10 billion to $23 billion per day.


Photo: Coinmarketcap

Bitcoin’s rise came after the District of Columbia Court of Appeals (in the US capital Washington, DC) ruled in favor of a crypto investment company in a dispute with the US Securities and Exchange Commission (SEC).

In short, the SEC has rejected a transaction by which crypto asset management company Grayscale Investment attempted to turn its investment fund Grayscale Bitcoin Trust into a public ETF (Exchange-Traded Fund).

On Tuesday, US judges ordered the SEC to reconsider its decision, according to Coindesk.

At press time, Bitcoin was trading at just under $28,000.

Source link

Leave a Comment