Volatility in the cryptocurrency market has escalated after Grayscale succeeded in a legal standoff with the Securities and Exchange Commission (SEC).
The GBTC trust issuer is trying to get its product converted into a spot bitcoin-ETF crypto fund.
The regulator has refused to approve the transformation of the instrument, and Grayscale’s management has gone to court to force the commission to reopen the application.
The bitcoin volatility index rose to a one-month high, as evidenced by data from the Coinglass platform.
The rate of BTC on the night of Wednesday, August 30, strengthened to $ 27,650.
The previous night, the leading digital currency was close to $28,000, but quickly retreated.
Ether (ETH) soared more than 5% to $1730. Other cryptocurrencies are also adding value.
Cardano (ADA), Dogecoin (DOGE), and Solana (SOL) rose 6% to $0.275, $0.066, and $21.8, respectively.
In the futures market, short positions worth more than $76 million were canceled. Liquidation of short positions on BTC exceeded $34 million.
If the SEC approves the launch of spot bitcoin-ETFs, the crypto market will be able to show stronger growth, experts believe.
ETC Group CEO Tim Bevan said that the US should have another instrument focused on the cryptosphere. The SEC has fewer and fewer arguments against the legalization of spot bitcoin-ETFs.