GBTC - Why Bitcoin and Other Major Cryptocurrencies Rallied This Week
2023-10-20 18:46:00 ET
Major cryptocurrencies have soared over the past week, led by a 9% rise in the price of Bitcoin (CRYPTO: BTC) . As of Friday's close, Bitcoin SV (CRYPTO: BSV) -- a bitcoin fork token -- was up 61.6%, Stacks (CRYPTO: SOL) was up 27.7%, and Solana (CRYPTO: STX) had rallied 24.3% on the week, according to data provided by S&P Global Market Intelligence .
The moves were spurred by increased optimism in recent days over impending improvals by the U.S. Securities and Exchange Commission (SEC) of new spot bitcoin exchange-traded funds (ETFs) .
The crypto rally this week was teed up by encouraging crypto headlines starting last Friday (Oct. 13, 2023). According to sources speaking to crypto news site CoinDesk, the SEC decided it would not appeal a federal court's August reversal of its decision preventing crypto-asset manager Grayscale from converting its widely popular Grayscale Bitcoin Trust (OTC: GBTC) into an ETF. Assuming those sources are accurate, the court could finalize its decision as early as next week.
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Why Bitcoin and Other Major Cryptocurrencies Rallied This Week