Bitcoin (BTC) is now trading above $27,000 according to CoinGecko as the U.S. District of Columbia Court of Appeals ruled in favour of Grayscale when it comes to launching a Bitcoin spot ETF. This news is very bullish for the crypto ecosystem and can be reflected in the market sentiment and in Bitcoin’s price action.
Bitcoin Trades Above $27,000
The largest cryptocurrency in the world is now being traded above $27,000 for the first time in two weeks. This shows that the news about the court ruling in favour of Grayscale is very positive for the market and for what it could mean to Bitcoin and investors.
It is worth taking into consideration that the product that Grayscale is offering (the Grayscale Bitcoin Trust – also known as GBTC) is not being transformed into a spot Bitcoin ETF. Indeed, it will require time and effort from Grayscale to create a new proposal, which would have to be approved by the U.S. Securities and Exchange Commission (SEC).
It will be very important for Grayscale to present a new proposal for a spot Bitcoin ETF. This would allow a large number of investors to get access to BTC and get exposure to the largest digital currency in the market.
This could also trigger a bull market as there could be a large interest in BTC from investors in different market segments. Nevertheless, this remains to be seen due to the fact that a proposal to launch a spot Bitcoin ETF has to be made and approved by the regulatory agency.