Bitcoin and other cryptocurrency prices soared after Grayscale Investments LLC won a key legal fight in its push to launch a Bitcoin exchange-traded fund, bringing the crypto industry to the precipice of tapping billions of dollars from everyday investors.
The firm's court victory over the US Securities and Exchange Commission in a three-judge appeals panel in Washington represents a watershed moment for the largest cryptocurrency. Advocates say an ETF based on spot Bitcoin prices would result in a gush of retail cash.
Crypto fund manager Grayscale Investments applied for its Grayscale Bitcoin Trust to be converted into an ETF in October 2021. The SEC rejected the application in June 2022, saying it failed to answer the regulator's questions about preventing market manipulation, among other concerns.
Bitcoin-related assets surged on the news, which traders were betting would pave the way for broad investor adoption of ETFs backed by bitcoin rather than futures. Coinbase Global, the largest publicly traded crypto exchange, rose 14%, and bitcoin futures rose 6%.
Bitcoin (BTC) rose above the $27,000 mark for the first time in two weeks. The largest cryptocurrency hit a 2023 high of $31,809 on July 13 but has struggled to reclaim its $30,000 level since July 24. The world's largest cryptocurrency has rebounded 68.6% so far this year. Ether price also rose notably by 3.81 percent, stepping into Wednesday. At the time of writing, ETH was trading at $1,718. The value of ETH rose by $65 over the last day. Popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) also witnessed notable gains across the board. As per CoinMarketCap, the market's fear and greed index stood at 42 (out of 100). The global crypto market cap stood at $1.09 trillion when writing, registering a 24-hour gain of 3.80 percent.
A seasoned analyst has set the stage for a thrilling possibility: Bitcoin's price could ascend to $70,000. A convergence of factors backs this projection. The current market sentiment and ongoing institutional adoption are setting the stage for a potential bull run that could propel Bitcoin to new heights—the persistent narrative of Bitcoin as a digital gold and a hedge against inflation further fuels this projection.
Bitcoin is constantly evolving and improving. For example, the Lightning Network is a new technology that makes sending BTC payments faster and cheaper. These advancements make Bitcoin more attractive to users and investors, likely driving the price.
In addition to these factors, there are several other reasons why an expert might predict a BTC surge to $70k. For example, some experts believe that the current bear market is nearing its end and that a bull market is about to begin. Others believe that BTC is becoming increasingly scarce and will increase the price. Ultimately, only time will tell if BTC will reach $70k, but the factors listed above suggest it is possible.
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