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Crypto prices display solid recoveries following Grayscale’s spot BTC ETF victory

By:
on Aug 30, 2023
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  • The crypto market exhibits a bullish stance today.
  • cryptocurrencies recorded impressive gains after the court’s ruling favored Grayscale.
  • Bitcoin seems poised for more upticks, targeting the vital $30K.

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The cryptocurrency market changed the narrative today, with Bitcoin and most alternative cryptos trading in the green area. Bitcoin launched an upside journey as the digital asset sector displayed revival signals after Grayscale’s spot Bitcoin ETF victory.

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The court rejected the decision by the SEC to stop Grayscale Investments from converting its BTC Trust products into an ETF.

Meanwhile, Bitcoin has been highly bullish over the past 24 hours. Also, the Fear & Greed Index increased by several points to escape the fear zone.

Though the bellwether crypto is yet to overcome the $30K barrier, it remains bullish today after surging over 5% to $27,721. Ethereum changes hands at $1,720 after a 4.16% uptick in the past day. Other top tokens that followed the leading asset are Solana, XRP, and Polkadot.

Solana increased by 5.70% and XRP surged by 5.70% and $2.42%, respectively, whereas Polygon recovered from the bearish that engulfed it over the past few days with a 4.47% uptick. Polkadot gained around 0.54% within the past 24 hours.

Meme cryptos also saw similar actions, with Dogecoin rising by 3.76% since yesterday. Shiba Inu, which flashed promising recovery signs for the upcoming sessions, increased by around 1.18%.  

Upside price actions by most digital tokens saw the global cryptocurrency market capitalization increasing vividly within the last 24 hours to $1.09 trillion. Moreover, the daily market volume increased by over 126% to $54.95 billion.

What next for Bitcoin

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While the crypto space remains unpredictable, Bitcoin’s current outlook shows the road with fewer obstacles is the upside one as it eyes levels beyond $30K. The MACD supported the bullish narrative as it flashed a buy signal.

Meanwhile, players who missed the sudden surge from $26K to $28K might wait for Bitcoin to confirm a breakout beyond the $28K resistance. That would ensure adequate momentum for BTC to overcome the $30K area.

Nonetheless, the market structure remains weak, and investors should prepare for potential dips to the $26K – $25K territory. Further, September has been a challenging month for digital assets, especially if the US Fed executed more rate hikes to battle the persistent inflation.

Market participants should watch the next moves by the SEC as the regulator might approve all ETF applications at a go or postpone the decision. The former would catalyze massive bullishness for Bitcoin while the latter might trigger relentless dips to $20K.

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Bitcoin Dogecoin Ethereum Polkadot Polygon Solana XRP Altcoins Alternative Investment Crypto Crypto business Crypto regulation ETFs Inflation