The news that Grayscale won its lawsuit with the SEC after rejecting its Bitcoin Spot ETF application last year provided a spike in the entire cryptocurrency market.
Bitcoin price gained more than 5% at the time of writing, after the development while it was at $ 26,000, and is trading at $ 27,643.
With the last rise, there was $ 80 million liquidation in the crypto money market in the last 1 hour, and $ 75 million of them were in short positions. The most liquidated cryptocurrency was Bitcoin with $31 million, Ethereum with $11 million and XRP with $2.29 million.
How will the next process work? Will Bitcoin Spot ETF Be Approved Immediately?
On the other hand, it is also curious what will happen next in the Grayscale case. The SEC currently has 45 days to appeal the court's decision. If the SEC objects, then the decision will go to either the US Supreme Court or en banc panel review. The SEC had not previously announced whether it would appeal based on the outcome of the case.
If the SEC does not appeal, the court will determine how the decision should be enforced. The court can ask the SEC to approve or reconsider Grayscale's application for the Bitcoin Spot ETF. As a result of the review, the SEC may reject the application for a different reason.
However, we have other spot Bitcoin ETF applications ahead of us right now. It was known that the SEC wanted to decide on these applications after the Grayscale case.
*Not investment advice.