Crypto market analysts are awake at night after Grayscale’s victory against the Securities and Exchange Commission.
Crypto markets pumped $65 billion after news that a court ruled in favor of Grayscale in its lawsuit challenging the SEC’s decision to refuse to convert its GBTC fund into an ETF.
This big move has reversed the recent decline as market analysts and observers are now eyeing the next bull cycle.
August In 30, Michaël van de Poppe, CEO of MN Trading, asked the big question: Will grayscale news push the market into a bull cycle?
Bitcoin Bulls are back
He added that fear and uncertainty have disappeared and momentum has returned:
“A lot of hype and momentum back into the market as expectations for the ETF grow tremendously with this news.”
The premise of the Bitcoin ETF point is also bullish, but the SEC could challenge this loss and likely delay or deny all applications and filings.
Bloomberg Intelligence ETF analyst James Seyffart said something similar about the SEC’s aggression toward the industry:
“I wouldn’t be surprised if they depend on something related to custody and deny those things unless they REALLY want to list those things.”
Michaël van de Poppe added that most of the gains came to BTC, which was expected.
“Bitcoin dominance is emerging because interest is now heavily skewed toward Bitcoin and not altcoins. That’s the norm.”
“The reality is that there was no break in the market structure that would justify overly bullish sentiment,” commented CrediBULL Crypto. Meanwhile, Will Clemente exclaimed: “This is one of the best days in the history of Bitcoin.”
Industry leaders and executives also stepped up following the news.
Not so fast…
Bitcoin added more than 5%, or about $2,000, in the hours after the big news. However, it already started to fall slightly during the Asian trading session on Wednesday morning.
This suggests that even an event of this magnitude will not be enough to push the market above the strong resistance that has held it back for most of this year.
Bitcoin captured $28,000 in its biggest move since August’s big drop. 17. However, it has retreated 2% from its intraday high and is at $27,425 at the time of writing.