Crypto markets surge: Bitcoin surges past $27,450

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- Cryptocurrency prices rise as ETFs pave the way

MUMBAI: The past twenty-four hours have seen a recovery in crypto markets led by Bitcoin, following a US court's observation that the US Securities and Exchange Commission's (SEC) move to reject a grayscale application to launch an exchange traded fund (ETF) based on the spot price of bitcoin was flawed.

Bitcoin price jumped over $1,500 to $27,450 while Ethereum crossed $1,700. Bitcoin price was trading at a two-week high.

Global market cap of cryptos increased to 1.09 trillion dollars. Crypto markets surged following reports that digital asset manager Grayscale had won a case against its US regulator.

A US court observed that the SEC's decision to reject Greyscale's application to launch ETFs was wrong. After this report, apart from Bitcoin, other cryptos like Dogecoin, BNB, XRP etc. also rose. A positive boon was seen among cryptos market players following the court's inspection. This decision does not rule out the possibility that several other large firms will also apply to launch Bitcoin ETFs, said a player in the cryptocurrency market.

The court's observation does not mean that greyscale has been given permission to launch ETFs, a trader said. If the reasons given by the SEC for rejecting the application may not be accepted by the court, the SEC may reconsider the application.

However, the volume collected on centralized exchanges in August ended at around $400 billion, the lowest since December 2020.

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