First Mover Americas: Bitcoin Rallies on Grayscale Court Win Over SEC

Bitcoin (BTC) gained nearly 8%, topping $28,000 at one point on Tuesday afternoon after a federal appeals court ruled that the SEC must review its rejection of Grayscale Investments’ attempt to convert its GBTC into an ETF. As has been typical with such rallies for many months, the crypto quickly gave back a chunk of those gains, with bitcoin trading just under $27,400 at press time, still up more than 5% over the past 24 hours. GBTC also saw its busiest trading session in 14 months, with nearly 20 million shares changing hands through the day, the most since the June 2022 crypto market crash, according to Yahoo data. The share price surged 18% to almost $21, the highest since bitcoin hit $31,000 in mid-July while the fund’s discount to net asset value (NAV) narrowed to as low as 15%, a level not seen since December 2021. Other movers included bitcoin cash (BCH), which has surged 15% over the last 24 hours. Stacks (STX), a bitcoin layer 2 protocol, was also a top gainer following the news, gaining 20% on the day. DCG, the parent company of Grayscale, also owns CoinDesk.

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