Bicoin’s increase in price has made the crypto market excited again. So what is the driving force behind it?
Grayscale wins lawsuit against SEC
The fact that Grayscale won a lawsuit against the SEC probably had a big impact on Bitcoin price. According to the United States Court of Appeals for the District of Columbia Circuit, Grayscale has scored a major victory against the SEC in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF).
The court said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong. Although the order does not guarantee the eventual listing of a Grayscale spot Bitcoin ETF, Grayscale’s victory may create favorable conditions for applications to launch Spot Bitcoin ETF, which has long been considered the driving force for Bitcoin’s growth.
Twitter (X) obtains license to provide crypto payments and trading services
Billionaire Elon Musk’s social network – Twitter (X) has granted the license to provide crypto payments and trading services in the US. This move may be the foundation for the platform to open crypto trading or payment services in the future. Many people believe that this news helped attract a large number of users to crypto, thereby making the market rise.
Bitcoin CME gaps
A CME gap for bitcoin refers to a price discrepancy that occurs on the Chicago Mercantile Exchange bitcoin futures chart between the closing price of one trading day and the opening price of the next trading day.
Bitcoin CME gaps have often been known to “fill”. Filling means that the spot price moves back to the previous close. The belief is that the price tends to gravitate towards these gaps, eventually seeking to “fill” the gap by reaching the price level of the previous Friday’s close or open. BTC recently has rebounded to “fill” the gap of $27,000 – 27,500.