Today’s cryptocurrency markets continue this week’s low volatility trend and sideways trading. While trading volume remained relatively high yesterday, we see further drops in volume this Thursday for significant crypto assets like Bitcoin and Ethereum. The biggest market news of today is a press release highlighting that Grayscale CEO is suing the SEC.
Grayscale Investments is the largest digital currency asset manager, which helps investors and clients to access crypto markets. Grayscale is a leader in digital currency investments and offers an array of 23 cryptocurrencies under its “Grayscale’s Product Family.”
Grayscale is suing the SEC for denying its conversion of the Grayscale Bitcoin Trust (BTC) to a spot Bitcoin ETF. According to the lawsuit brief, Grayscale argues that the Securities and Exchange Commission is discriminating against Grayscale’s product and that the test it applied to Bitcoin-related ETFs is flawed and has been “inconsistently applied with a special harshness.”
The SEC approved several Bitcoin futures ETFs in 2021 and 2022 but rejected ETFs that hold Bitcoin directly.
It’s not a surprise that the SEC has long been extremely harsh when it comes to approving any crypto-related products. Over the past several months, the commission has been going after crypto projects, influencers, and exchanges. While the SEC’s harsh actions regarding cryptocurrencies could be justified with the idea that the government agency is looking to protect investors from crypto markets’ drastic fluctuations, there’s a fine line between regulation and shutting down innovation.
After all, it’s essential for the United States to have ample opportunity to innovate and for developers and projects not to be scared of creating new crypto finance products that could provide a host of new functions, opportunities, and revenue.
In support of Grayscale, Coinbase and other industry leaders from cryptocurrency have filed an amicus brief supporting the company’s efforts to launch a spot-bitcoin ETF.
An amicus brief is translated from Latin to mean “friend of the court” and is a legal document created by someone not a part of the case. The brief assists the court by offering additional relevant information to consider before making a decision.
It’s great to see the cryptocurrency industry band together to attempt and sway the SEC’s decision to allow Grayscale to launch its Bitcoin ETF. If the ETF can be approved, it will provide much-needed bullish support for Bitcoin, trickling down into other crypto assets like Ethereum and XRP.
Today’s crypto market continues to trade sideways with a slightly lower trading volume.
Bitcoin is trading at $19,270, up 0.20% in the past 24 hours. The 24-hour trading volume for BTCUSD is $23 billion, down 12% in the past 24 hours. BTC will likely hold the $19k support until next week, when the market can make its next move.
Ethereum is again trading above the $1,300 support, with no change in the past 24 hours. The 24-hour trading volume for ETHUSD is $8.6 billion, down 7% in the past 24 hours. ETH continues to follow BTC’s price action this week.
The market is relatively healthy today, with the fear and greed index at 23 points, the same as it was last month.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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