Bitcoin rose 7.5%, adding altcoins STX, BCH and XDC to a significantly positive market reaction.
A US appeals court ruled that the SEC erred when it rejected Grayscale Investments’ request to create a Bitcoin ETF.
A federal appeals court ruled Tuesday that the Securities and Exchange Commission (SEC) must reevaluate the application of crypto manager Grayscale Investments to launch the first bitcoin exchange-traded fund (ETF).
The decision marks a setback to SEC Chairman Gary Gensler’s efforts to regulate the growing crypto sector. In direct response to this development, Bitcoin, the world’s largest cryptocurrency, rose significantly, more than 7.5% from $25,968 to $27,983.
The positive momentum initiated by Bitcoin’s price movement has affected the global crypto market, with many major altcoins showing gains. Three altcoins in particular – Stacks (STX), Bitcoin Cash (BCH) and XDC Network (XDC) – turned out to be the biggest winners of the day.
Stacks (STX) Registers 18% overload
Stacks (STX), one of the most prominent altcoins, has gained more than 18% in the last few hours, bringing its trading value to $0.5383. The daily trading volume of the altcoin also increased by a staggering 1,439% to $173 million. An important technical aspect of the Stacks price has risen above the 50-day Exponential Moving Average (EMA), highlighting its upward trend. Additionally, STX’s Relative Strength Index (RSI) is approaching the neutral zone, indicating balanced market sentiment.
Bitcoin Cash (BCH) achieved a 15 percent rally
Second, Bitcoin Cash (BCH) showed an increase of more than 15% in the last 24 hours and is currently trading at $219. This significant price increase was followed by a significant increase in daily trading volume, which increased by 258% to $525 millions in one day.
BCH’s strong performance shows increased investor interest and confidence in the altcoin. XDC Network (XDC) has maintained positive momentum since the beginning of the week, showing continued growth. At the time of writing, XDC is trading at $0.06458, representing an impressive gain of 17% over the past 24 hours. In addition, XDC’s daily trading volume increased significantly by 52% to $14 million.
Together, this development highlights the dynamic and fast pace of the crypto market, where regulatory decisions and market sentiment can lead to rapid changes in asset values.