Bitcoin price has gained 7% intraday so far following the news that a US court has ruled in favor of Grayscale against the SEC. At the same time, the stock market is booming.
Could a perfect storm be brewing for the top cryptocurrency by market cap?
Back to $28,000: Grayscale Court Verdict Sparks BTC Surge
In a volatile asset class like crypto, prices – and mood – can change in an instant. This is what we saw on a smaller scale today, just moments after news broke that a US court is forcing the SEC to reconsider Grayscale’s bitcoin ETF.
This news is significant because it not only raises the possibility of moving forward with the Grayscale ETF, but also raises the possibility of other ETFs like it.
Blackrock is getting the green light.
Green is definitely the color of the day, with BTCUSD climbing back to $28,000 per coin following this news.
Bitcoin price rose 7% in one day | BTCUSD on Tradingview.com
Bitcoin price may benefit from new stock market highs
Today it is not only crypto that is getting a big boost. US stock indices are also skyrocketing today. The S&P 500 is up more than 1.2%, the tech-heavy Nasdaq is up more than 1.88% and the Dow Jones Industrial Average is up 0.63%. The latest surge in stocks has pushed traditional markets closer to a new all-time high.
This is important because if the price of bitcoin is already surging sharply in the wake of the Grayscale news, the simultaneous stock market all-time high could cause the crypto to go ballistic.
BTC vs SPX | BTCUSD on Tradingview.com
Cryptocurrencies have the potential to do a lot more than the stock market. Furthermore, in 2020, the bitcoin price set a record of its own in the coming weeks after the S&P 500 hit a new all-time high. If the stock market sets new record highs, and several ETFs are approved, is this what we can expect?