The crypto market saw quite a revival yesterday. This was accompanied by the victory of Grayscale, the world’s largest crypto asset manager, in the lawsuit against the US Securities and Exchange Commission.
While that doesn’t immediately mean there’s a spot bitcoin ETF or exchange fund in the US, the odds appear to be rising sharply. Several more deadlines are scheduled for the SEC this week.
Some size context for why $GBTC It’s big business.
The Grayscale Bitcoin Trust controls more than 635,000 BTC.
That’s about 4.5 times the size of MicroStrategy.
Simply put, they dominate ETF-like products holding spot BTC by a wide margin. pic.twitter.com/5lhwJKhhKy
— Ecoinometrics (@ecoinometry) August 29, 2023
The total cryptocurrency market cap is up 4.3% to $1.09 trillion compared to 24 hours ago. Trading volume increased 132% to $55.1 billion over the same period. Bitcoin’s dominance over altcoins is 48.9%. The popular sentiment indicator, the Fear & Greed Index, rose to 49 from 39, a sign that fear is easing.
The Bitcoin Fear and Greed Index is at 49 ~ Neutral
Current price: $27,721 pic.twitter.com/qe2854Trd6– Bitcoin Fear and Greed Index (@BitcoinFear) August 30, 2023
Bitcoin price skyrockets after Grayscale news
Bitcoin (BTC) shot to a high of around $28,150 shortly after the news, its highest price in two weeks. However, it failed to actually recover $28,000 and Bitcoin is down to $27,424 on Bybit and $25,247 on Bitvavo as of this morning. Bitcoin is therefore up 5.5% today.
Interestingly, just before the news of Grayscale’s victory broke, 30,000 BTC was sent to exchanges. Analyst Ali Martinez wonders if these are signs of manipulation.
sign of #Bitcoin Manipulation? Look at that!
Just before #Grayscale legal victory against @SECGovaround 30,000 #BTC were sent to #crypto Exchanges – Increase in exchange supply from 1.13 million to 1.16 million $BTC. pic.twitter.com/j8xgoAzLrs
— Ali (@ali_charts) August 29, 2023
Additionally, in the days leading up to the news, major investors who whales And sharksraised a whopping 14,596 BTC worth $388 million.
🐳 Whales and sharks might already know a thing or two about the exit #Grayscale And #SEC lawsuit, with 10-10K $BTC The total of wallets is $388.3 million $BTC the day before the message. They were generously rewarded with a price increase of +6%. pic.twitter.com/cx5rRuS6IV
— Santiment (@santimentfeed) August 30, 2023
Although sentiment is improving, many analysts remain cautious. The price has not yet broken out of the recent downtrend with this increase and the macroeconomic situation that led to the decline has not yet changed.
After Grayscale’s win over the SEC, Bitcoin saw a major boost
However, the uptrend line has been broken
Turn a blind eye to a bearish retest versus false break opportunities
Validation is key pic.twitter.com/LI7wYKSnGB
— Game of Trade (@GameofTrades_) August 29, 2023
Ethereum price follows
Ethereum (ETH) was also boosted by the news, reaching almost $1,750 yesterday. However, ETH price fell back to $1,718 as of this morning but is still up 4.3% today.
Remember I shared this pattern with you a while ago saying that at worst we get a double bottom or double pump. Here we are and you could say we’ve bottomed out for the next few months 💯 pic.twitter.com/q2CUvDTiIT
— Crypto Tony (@CryptoTony__) August 29, 2023
Toncoin storms into the top 10 green cryptocurrencies
The rest of the top 10 will also turn green. However, Polkadot (DOT) is down sharply last night, up just 0.3% at $4.59. Ditto for Tron (TRX), which is up 0.5% today to $0.0766. We also see this with Cardano (ADA), which is up just 1% to $0.265.
Ripple (XRP) is currently still above $0.53, which means the price is already up 3% today. Binance Coin (BNB) is attempting to hold $225 and is up 3.3%. Dogecoin (DOGE) is 4% in the green today at $0.0655. For Polygon (MATIC) it is 4.6% and is $0.58.
Solana (SOL) held up remarkably strong last night and is therefore up a whopping 6.8% to $21.6 today. However, this is not the fastest mover into the top 10. That honor goes to Toncoin (TON), which has entered the top 10 of altcoins (excluding stablecoins) after a rise of no less than 16%. The TON price is $1.73.
We’re excited to have the TON Foundation join our next Twitter section this Thursday. Book your calendar and we’ll talk State of TON + Grants with TON Foundationhttps://t.co/53ZakZorkB#TON #SotonBySoda #web3 #Telegram pic.twitter.com/n3qQVwDDQ5
— Sonet (Soton + Soda) (@SonetMiddleware) August 30, 2023
Bitcoin Cash and Stacks are the fastest climbers in the crypto top 100
Even the top 100 is full of strong climbers. Chiliz (CHZ), Lido (LDO), Fantom (FTM), Gala (GALA), Ecash (XEC), Bitcoin SV (BSV), Kaspa (KAS) and Thorchain (RUNE) are all up about 7% today.
XDC Network (XDC) and EOS (EOS) even gained 8%. Then we have Bitcoin Cash (BCH), which is up 15% to $218. The big winner among the top 100 is Stacks (STX), the layer 2 bitcoin network. STX price is up almost 17% to $0.529.
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