The US Securities and Exchange Commission (SEC) did not appeal the recent Grayscale Bitcoin ETF decision, renewing investor optimism.
Bitcoin (BTC), the first and largest cryptocurrency, has gained 3.8% over the last 24 hours, reversing losses suffered last week.
The crypto eyed $28,000 in the early hours of October 16, trading hands at $27,917.
The bullish jump comes after renewed optimism regarding the prospect of a spot Bitcoin exchange-traded fund (ETF) winning approval from the US Securities and Exchange Commission (SEC).
Grayscale looks toward Bitcoin ETF approval
In 2021, asset manager Grayscale applied to convert its GBTC fund, which invests in Bitcoin, into a spot Bitcoin ETF. The SEC denied the request, but the DC Circuit Court of Appeals later reversed the SEC’s decision, citing it as “arbitrary and capricious”.
The SEC had until October 13 to appeal the shock reversal, but it has not done so. This has boosted investor hopes that Grayscale will be able to convert its GBTC fund into a spot ETF, as the asset manager initially requested.
Read more: SEC delays decision on 7 key Bitcoin ETFs
Unlike a futures ETF, a spot Bitcoin ETF would directly invest in Bitcoin. Many experts believe that approval would rapidly accelerate the institutional adoption of the legacy crypto.
Despite prolonged bear market conditions, Bitcoin has enjoyed a fruitful year, gaining 45.9%.
It has also regained significant market dominance, accounting for 51.35% of the market as of October 10.
Read more: Bitcoin starts October with a 5% surge — Happy Uptober?
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
