GBTC - Crypto Shorts Worth $120M Liquidated In Single Day After Bitcoin Ethereum Spike As Court Rules In Favor Of Grayscale Over SEC | Benzinga
The cryptocurrency market experienced the liquidation of crypto shorts worth a staggering $120 million within a span of 24 hours.
What Happened: This sudden development came as prices of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and various altcoins saw a surge, triggered by a recent US appeals court ruling.
In a Tuesday ruling, the court ruled in favor of Grayscale in a lawsuit against the Securities and Exchange Commission (SEC). The lawsuit challenged the SEC’s denial of the company’s application to convert the Grayscale Bitcoin Trust (OTC:GBTC) into an ETF.
The aftermath of this ruling resulted in Bitcoin witnessing its largest daily gain in several months, with a surge of over 7%. Market sentiments were buoyed by this positive momentum, especially within an industry that has faced a barrage of regulatory enforcement actions, bankruptcies, and lawsuits in recent times.
Judge Neomi Rao, who ...