GBTC - Bitcoin Ethereum Dogecoin Rally Thanks To Grayscale Elon Musk: Analyst Says 'Real Fear Of Missing Out' Coupled With Panic Disbelief Starts After King Crypto Moves Past 30K | Benzinga
Major cryptocurrencies enjoyed a bullish rally on Tuesday evening following a favorable court ruling in favor of Grayscale Investments (GBTC) over the Securities and Exchange Commission (SEC). The court decision pertained to Grayscale’s application for a bitcoin exchange-traded fund (ETF).
What Happened: The Grayscale Bitcoin Trust (OTC:GBTC) experienced its most active trading session in 14 months following a court ruling that increased the possibility of converting GBTC into an ETF, attracting a wider range of investors.
Throughout the day, nearly 20 million GBTC shares were traded, marking the highest level since the crypto market crash in June 2022, as reported by Yahoo data. As a result of this increased trading activity, the share price surged by 18%, reaching almost $21, the highest level since Bitcoin reached $31,000 in mid-July.
Elon Musk-owned X, formerly known as Twitter, is making advancements towards enabling cryptocurrency payments within its platform. Recently, X obtained a Rhode Island Currency Transmitter License on Tuesday, as confirmed by NMLS data. With this license, X has the authority to store, transfer, or exchange digital assets on its platform and can even hold these assets on behalf of its users. With ...