11:45 - 30.08.2023

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August 30, Fineko/abc.az. Bitcoin price rose by almost 6% in an hour — to levels of about $27,500 — after a court in the United States granted Grayscale Investments' petition in a case against the SEC.

Per ABC.AZ, over the past seven days, the price of bitcoin has risen about 5%.

In June, Grayscale, which manages the assets, sued the regulator for refusing to convert its flagship PLAYS trust into a bitcoin ETF. The company made a bid to the SEC for the conversion of an investment product in October 2021.

The appellate instance obliged the Commission to reconsider its decision.

The court ruling followed a series of appeals to the SEC from a number of large financial institutions like BlackRock and Fidelity for the registration of exchange-traded funds based on the spot price of the first cryptocurrency. Bitcoin futures ETFs have been traded in the US since 2021.