Major cryptocurrencies saw a strong bounce after the D.C. Circuit Court of Appeals ruled that the SEC was wrong to reject Grayscale’s spot Bitcoin ETF application.
Bitcoin jumped to as high as $27.9K before correcting slightly to trade near the $27.3K mark. Altcoins are also showing bullish strength, with Ethereum and Ethereum Classic both exploding by over 4% in the daily-time frame.
Experts believe that the court’s ruling increases the likelihood of not just a BlackRock BTC spot ETF, but also ETH futures and spot ETF as well. This could provide the bullish narrative that the crypto market has been lacking over the past months.
Ethereum, Ethereum Classic Explode As Grayscale Victory Paves Path For Mainstream Adoption
ETH and ETC have emerged as two top choices for investors in the aftermath of Grayscale’s resounding victory against the SEC.
Ethereum saw an immediate 130% surge in its daily trading volume, resulting in the token bouncing by over 4.8% to trade near the $1720 price level. ETH has also re-hit the crucial $200 Billion market capitalization, with experts predicting more upside.
Popular trader @CryptoTony_, who has more than 330K followers on Twitter, reveals that ETH may have bottomed out for the next few months. Even before the announcement of Grayscale’s win, he was predicting ETH to touch 5 figures in the next bull run.
Another popular analyst @CryptoFaibik, who has over 65K followers on Twitter, believes that Ethereum is currently in an accumulation phase and is on the brink of a “significant breakout”.
TradingView gives a Buy signal to ETH in the 4-hour time frame, with the 200 Exponential Moving Average at $1750 the next target for the bulls.
Similarly, Ethereum Classic’s 24-hour trading volume skyrocketed by 200%, leading to a 4.8% bull rally. ETC is currently priced at $16.39 with a market capitalization of over $2.3 billion.
TradingView gives ETC a Buy signal as well in the 4-hour time frame and reveals that flipping the 200 Exponential Moving Average at $16.8 could lead to a bullish continuation.
Grayscale’s victory is of paramount importance to the crypto market for several reasons. Experts believe that the chances of ETH futures and spot ETF are now extremely high after the D.C. Court Of Appeals shredded the SEC’s usual reasons for rejecting such applications.
More importantly, the court’s ruling is another blow to the SEC’s anti-crypto agenda in the US, especially after the financial watchdog’s recent loss against Ripple. After all, the ruling established that the SEC violated the Administrative Procedure Act and acted “arbitrarily” and “capriciously”.
This also informs investors that the SEC won’t have the final word, especially as the US Congress appears set to interfere on behalf of the crypto industry.
Launchpad XYZ Also Bullish as Web3 Project Hits $1.5 Million Presale Milestone
It’s not just major altcoins benefitting from the Grayscale victory – new tokens are also reaping the rewards, one being $LPX, the native coin of Launchpad XYZ.
Despite the growing popularity of Web3 in recent years, the extreme volatility in the crypto market, along with lack of education, can be major roadblocks for new participants. The Launchpad XYZ ecosystem is breaking down these entry barriers and helping its users gain a competitive edge in the crypto market.
For instance, even experienced traders often suffer heavy losses by trusting the wrong token, while missing out on the real gems. To combat this, the Launchpad Quotient allots a score of confidence to a large number of crypto assets, ensuring that users make smart investment choices.
In fact, the platform is offering a limited-time free access to its alpha calls group on Telegram. The group has already delivered on several successful trade setups, with gems like ELON 2.0 delivering 29x gains.
The scope of Launchpad XYZ is not limited to crypto trading – it is a central portal to all things Web3 and offers products like a custom Web3 wallet, premium NFT marketplace, its play-to-earn gaming hub and a bespoke AI LLM model.
Presale buyers can unlock more exclusive perks by gaining NFT-based premium access passes, depending upon the amount of $LPX tokens purchased. They can also earn a whopping 20% bonus – however, this generous offering drops 1% every week.
Due to $LPX’s high utility, it has already raised over $1.5 million in its ICO, indicating high investor trust.
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