Other top crypto tokens were also trading higher on Wednesday. Solana rose 6.4%, while Toncoin surged 14%, and Dogecoin gained over 4%. BNB, XRP, and Polkadot also surged.
The cryptocurrency markets were trading higher in Wednesday’s trade. Bitcoin (BTC) rose 5.5% to $27,450, whereas Ethereum (ETH) was above the 1,700 level.
Meanwhile, the global cryptocurrency market cap was trading higher, around $1.09 trillion, rising 4.22% in the last 24 hours.
“Bitcoin neared two-week highs as news hit that digital asset manager Grayscale had won a lawsuit against United States regulators. The markets reacted instantly, gaining $1,700 in around 30 minutes,” said CoinDCX Research Team.
“A ruling by the United States Court stated that the U.S. The Securities and Exchange Commission (SEC) was wrong to reject an application by Grayscale to launch an exchange-traded fund (ETF) using the Bitcoin spot price as its basis,” CoinDCX Research Team added.
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View Details »Other top crypto tokens were also trading higher on Wednesday. Solana rose 6.4%, while Toncoin surged 14%, and Dogecoin gained over 4%. BNB, XRP, and Polkadot also surged.
The total volume in DeFi is currently $2.91 billion, 5.27% of the total crypto market 24-hour volume. The volume of all stablecoins is now $51.29 billion, which is 92.8% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $534 billion. Bitcoin’s dominance is currently 48.85%, according to CoinMarketCap. Meanwhile, BTC volume stood at approximately $30.9 billion, rising 185.3% in the last 24 hours.
“The court ruled in favour of Grayscale in its legal battle against the Securities and Exchange Commission regarding transforming the Grayscale Bitcoin Trust into an Exchange-Traded Fund (ETF). This pivotal development has fostered an optimistic atmosphere among market participants, pushing market prices upwards,” Edul Patel, CEO & Co-Founder of Mudrex, said.
“As a result of this ruling, it’s possible that several major corporations might seek licenses for Bitcoin spot ETFs in the upcoming months. Consequently, the chances for approval of applications from prominent entities such as BlackRock and Fidelity could significantly improve,” Edul added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12:59 hours, IST on August 30, 2023)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)