The price of Bitcoin (BTC) jumped over 5% in the last 24 hours, surging above $27,000 for the first time since the market crashed earlier this month, following a victory for Grayscale over the SEC.
As is often the case, where bitcoin goes, other cryptocurrencies soon follow, and at the time of writing, the global crypto market capitalization was up 3.91% in 24 hours. Bitcoin Cash has seen even bigger gains, with BCH up 12%.
Meme coins are also pumping, with Dogecoin, Pepe, and Wall Street Memes all reaping the benefits as the crypto market turns green.
Bitcoin’s recent price rally coincided with news that a US appeals court overturned a decision by the Securities and Exchange Commission (SEC) regarding a proposed ETF.
Previously, the SEC had blocked the crypto investment firm Grayscale from converting its Bitcoin Trust into an ETF. However, in a ruling on Tuesday, a federal court of appeal ordered the SEC to review Grayscale’s application once more.
The decision was immediately welcomed by crypto traders, with most altcoins seeing a sharp rise in value. And while it doesn’t automatically change the SEC’s position, just the possibility that a Bitcoin ETF could be on the way appears to have improved market sentiment.
So, why did judges deem that the Grayscale application demands a second look? At the heart of the matter is a discrepancy that many advocates for crypto ETFs have long pointed out.
Since 2021, the SEC has approved several funds that deal with crypto futures. Yet, the commission has refused to sanction a single Bitcoin spot ETF. In other words, the SEC’s stance appears to be that funds are allowed to bet on the price of cryptocurrencies but not invest in them directly.
Echoing an opinion shared by many in the US crypto sector, Judge Neomi Rao highlighted the seeming hypocrisy of the SEC’s stance:
“Grayscale maintains its proposed bitcoin [ETF] is materially similar to the bitcoin futures exchange-traded products and should have been approved [for trading]. We agree. The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.”
Tuesday’s decision represents the strongest indicator so far that the SEC’s suppression of crypto spot funds is out of step with legal opinions. As such, it injects renewed hope into the efforts of asset managers looking to introduce such ETFs.
Some of the world’s largest asset managers are among the firms that have already made Bitcoin spot ETF applications to the SEC. These include the financial heavyweights BlackRock and Fidelity, as well as more niche, crypto-focused investors like Grayscale, Ark Invest, and Valkyrie.
Should the SEC finally allow cryptocurrency funds to be traded on US exchanges, it will mark a turning point for the US crypto sector.
What’s more, considering the leading role the United States plays in the global economy, it will also signal to the world that Bitcoin has well and truly “arrived” on financial markets. Once the black sheep of asset classes, the emergence of cryptocurrency ETFs could pave the way for a flood of institutional investment and subsequent price rises.
Another token to watch as crypto prices rally is Wall Street Memes ($WSM). Having raised over $25 million during its presale over the last few months, Wall Street Memes is now less than a month away from its first exchange listing. And between now and then, a buoyant crypto market could see the token explode in value.
Although it is in the final stage of its initial coin offering (ICO) and is on course to sell out in the coming days, right now, it is still possible to buy $WSM for just $0.0337 per token. But time is running out fast. And once the presale reaches its target of $25.9 million, investors will have to wait until the end of September to acquire Wall Street Memes on the open market.
Of course, before then, the SEC could approve Grayscale’s ETF application or any of the other Bitcoin funds waiting in the wings.
Should $WSM score a listing on a major crypto exchange, as its developers have teased that they have, the event may well coincide with a significant bull run in the wider crypto market. Together, these factors point to Wall Street Memes pumping well above its presale value next month.
The Wall Street Memes has a community of over 1 million followers across social media and has even been Tweeted by Elon Musk. It also offers staking, which is available now during the presale phase and offers an estimated APY of 82%.
With the project’s development team aiming for a $1 billion market capitalization, analysts believe early investors could be on course for a significant return on their investment.
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