[JUST IN] Grayscale wins lawsuit against the SEC

[RewFrew]

Very positive news Grayscale wins lawsuit against the SEC. For this reason Bitcoin huge pumped. Near about $2k increased within one hour for this positive news. I think for bull session we need more good news. One positive new is not enough for bull market i think. But for Grayscale wins lawsuit against the SEC this news bitcoin price will increase there has no doubt. Because it is big news for bitcoin. Luckily i was bought some amount of bitcoin last week. And now i am profited form that's investment.

[DVlog]

I am just thinking how powerful a news event can be in crypto. One single tweet and BTC touched 28k. This is a great moment for Grayscale I am quite sure but is that for Bitcoin as well? I have just heard the news that BlackRock will do another fork of Bitcoin which will give them free coins themselves. This will also attract some of the bitcoin miner from mining the legacy BTC as well but what if Blackrock turn most of the miners towards them to mine their hard fork coin? They have a lot of money for their new project if they are really doing this idea. This can be rumored as well.

Source: https://twitter.com/VirtualBacon0x/status/1696326341170221382

This big institution can bring a lot of money into the market but their dominative nature is not good for any market.

[mendace]

In case you're wondering why you're receiving notifications from your portfolio apps, it's because Grayscale just won its lawsuit against the SEC which first rejected the conversion of Grayscale's Bitcoin Trust into a Spot ETF[1]. So we might see the first Spot ETF in the U.S soon[2]

[1] https://twitter.com/crypto/status/1696532002189857272?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
[2] https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html

At one point I actually wondered why there was this Bitcoin pump, so I opened my X (ex-twitter) and I immediately found this news, the first thing I said was "what a f**k?"  why does the sec always manage to get itself into shit?  Can anyone answer me?

[Wimex]

Very positive news Grayscale wins lawsuit against the SEC. For this reason Bitcoin huge pumped. Near about $2k increased within one hour for this positive news. I think for bull session we need more good news. One positive new is not enough for bull market i think. But for Grayscale wins lawsuit against the SEC this news bitcoin price will increase there has no doubt. Because it is big news for bitcoin. Luckily i was bought some amount of bitcoin last week. And now i am profited form that's investment.

It would be interesting to see such a series of events on an ongoing basis… What would happen to the value of bitcoin if this happened? Could it exceed bullish expectations?... I would like to witness something like this and see what happens, but I guess I'm just digressing... this news gave me an air of satisfaction, with this it can be seen that the SEC only wants to attack to everything that has to do with cryptocurrencies, but without necessary arguments to win, it is simply acting to see who can fall, but the only thing it is achieving is strengthening these cryptocurrency industries and more people noticing its existence, bitcoin now it will be more on everyone's lips and I am sure that if this perpetuates it is most likely that the government will begin to change its mind about bitcoin and the other cryptos to the point of implementing them.

[OgNasty]

While they may have won their lawsuit, this just puts them on the list awaiting approval with everyone else. Sure, it’s a positive development and holders of GBTC should consider this a win, but for the rest of us this is just another blip on the road to where we’re going. I do think this was cleaning up the field in preparation of mass ETF approvals in the coming months though.

[lionheart78]

It looks like may Bitcoin speculators are getting lively after hearing the Grayscale winnings lawsuit against the SEC.  Many of these people are inclined to think that the Grayscale will be the first one to be the first spot ETF to be approved if I am not mistaken.

Some of these people start injecting some funds into the market making the Bitcoin price recover to $27k+ (more than half-way to $28k).

While they may have won their lawsuit, this just puts them on the list awaiting approval with everyone else. Sure, it’s a positive development and holders of GBTC should consider this a win, but for the rest of us this is just another blip on the road to where we’re going. I do think this was cleaning up the field in preparation of mass ETF approvals in the coming months though.

Many people think that winning the lawsuit against the SEC will make the Grayscale Spot ETF request of getting approved will have a higher chance of being granted.  So the market became lively and got a positive sentiment that made the price of BTC recover.

[flyingcarpet]

Thanks for the heads up, I was already bombard with messages on my phone and all my crypto portfolio are smiling hard in quick profit reactions, I wasn't expecting this to happen, at least there is a higher hope that other ETFs will be approved as time goes on, let's hope for the best by the fourth quarter of 2023, this is what will determine how 2024 will look like.

Right now bitcoin still needs to perform very well, probably back to 29k if possible before the monthly close, or else all this won't stop more bleeding coming for Bitcoin in September.

The month of September could also be one of the best times to invest in Bitcoin, I think this month we will slowly start to recover.  

I haven't seen such a nice notification in a long time. These notifications seem to have been good to all of us. Now is the time to approve ETFs. Let's see if we can see that too?

I agree with your view that Bitcoin will slowly recover. I also think we will get better notifications. As I always say. Avoid panic selling. Bitcoin will rise in the coming days as it does today. No one knows exactly when it will happen, but everything gets easier when we learn to wait.

[bbc.reporter]

I think the hype might be short-lived.  The SEC still have the final say on whether anything gets approved or not.  Otherwise every company would be filing a lawsuit.  Still don't think a Spot ETF will happen for another few years yet.

Agreed. Uncle Gary has been losing these cases against the cryptospace everywhere and in his embarassment he might begin operation cryptospace annoyance by creating delays and more delays on the approval for the ETF. His term as SEC chairman will end on June 5, 2026.

I am also afraid that if the ETF is approved on 2026, it might mark the market top months after approval after twaps hehehe.

[Darker45]

A positive development all in all. This may not be the final sign that a Bitcoin spot ETF will be made available very soon, but at least this judgement is somehow telling the SEC to shape up, to quit being arbitrary and selective, to be consistent and fair, and so on.

The pressure on them is growing. The recent legal decisions involving crypto seem to suggest that the courts aren't rubber stamps of agencies belonging to the executive department. Coupled with the apparent interest of powerful players in the financial sector, the wind is now seemingly blowing in favor of crypto, testing the resolve and insistence of the SEC and Chairman Gensler.

[adaseb]

I know this is good news but won’t this be bearish in the near future. If the GBTC etf is confirmed then people will buy the GBTC and short the actual bitcoin until it launches. By shorting they hedge their position which should be balanced by the end.

And the fund will be unlocked and the 600K will be released into the market again. So there will be more supply. Most likely nobody will use GBTC due to high fees and with blackrock etf begin live also.

[Husires]

The failure of the price to break the range of 24,800 to 28,900 indicates that this FUD news has been exploited and we have returned to the boring range again, I am starting to lose hope that we may see the US ETF exponent during the next two years.
The bitcoin hardforks reacted well to this news, perhaps due to Grayscale's investment in BCH.

This week's closing is important, if the price continues above 24,500, we might see an attempt to test 30,000 levels again.

[Kakmakr]

They say, "sometimes you win a battle or two, but you lose the war" and this is very applicable with the SEC. We know how vindictive and biased they can be, just look what happened to the Bankers during the previous financial crisis. 

This small victory might even make things worst, because they might now have a vendetta against Grayscale for winning this lawsuit and even just for them being taken to court. 

[bbc.reporter]

I know this is good news but won’t this be bearish in the near future. If the GBTC etf is confirmed then people will buy the GBTC and short the actual bitcoin until it launches. By shorting they hedge their position which should be balanced by the end.

And the fund will be unlocked and the 600K will be released into the market again. So there will be more supply. Most likely nobody will use GBTC due to high fees and with blackrock etf begin live also.

Why should they make it more difficult for themselves. The ETF is bullish. What they should do is buy spot bitcoin and short the futures market if they want a hedge against their spot buy without reducing their exposure.

@Husires. What is that indicator? Is that forks price vs. bitcoin?

In any case, the pump at present might only be an excited reaction on Barry Silbert's victory, similar to Judge Torres' ruling on Ripple'.

[LoyceV]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

[Poker Player]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Those who want purely the latter are a very small minority. It's not just the ETF, without CEX the price today would be much lower for example. I try not so much to dream of an ideal world but to adapt to the one that exists and where we are going, and that is one where most Bitcoin transactions will go through centralized entities and KYC, leaving a small space (that I understand will be less and less as time goes by) for those who want privacy.

[LDL]

This is undoubtedly a victory and a revolution for Bitcoin. GrayscaleBTC has been fighting the case against the SEC for several days and yesterday they won the case and started a change in the market. With this news yesterday, market conditions started to improve and GrayscaleBTC increased over 19 percent of their market share. Not only the GBTC market has undergone such a revolution, but Bitcoin, Ethereum, and all other sectors are in a positive trend in the market.

[Lida93]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Those who want purely the latter are a very small minority. It's not just the ETF, without CEX the price today would be much lower for example. I try not so much to dream of an ideal world but to adapt to the one that exists and where we are going, and that is one where most Bitcoin transactions will go through centralized entities and KYC, leaving a small space (that I understand will be less and less as time goes by) for those who want privacy.

Thus it then implies that in the world we're heading to the criticisms of centralized entities and kyc won't be of validity any more as it has been with the infamous words "not your keys not your coins". It all looking like some of us will end up accepting the changing tide as we go.

Plus with approval of bitcoin ETF in the future people would be left with the laudable choice of either getting the product straight from the farm or getting it from the departmentalized stores as they would choose.

And I think an aggregate of bitcoiners are excited about  this by reason with an ETF the risk bothering on not having a technical knowledge, loss of keys or getting hacked won't be an issue of concern while you can still own your bitcoin. And with what I read on reddit, ETF are insured. Is this true please correct me if am wrong.

[serveria.com]

Frankly, I can't recall Bitcoin pumping a couple of grand on bullish news in the last couple of years (probably since 2021?). It's very positive. As to the real effect of the ETF on Bitcoin who knows what it's going to be. Honestly, I don't care: it's the same as with FUD - people think this news is negative (positive) for Bitcoin and price moves. As long as Bitcoin price goes up, I'm happy. 

[stompix]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

Correct answer: It's about the money!
If it's +10% it doesn't matter what caused it, moar profit means the news is good news!

However, the whole thing is quite ridiculous if you go back in time and see the other narratives:
- Blackrock controls the price government and wants to suppress the price, love how these reptilians fail every time despite all the tinfoil production
- The US government is against Bitcoin, yet...magically it's not!
- Bitcoin shouldn't be influenced by regional decisions, Bitcoin is global...yeah right!
- Nobody cares anymore about the ETF hype, instant 10%!

Anyhow, the thing whole thing has changed from "not your keys, not your coins" to "buy today, profit tomorrow for sure".

This is undoubtedly a victory and a revolution for Bitcoin.

No, it's a win for Grayscale which wants to sell you IOU pieces of paper instead of your private keys!
Satoshi is doing more RPM right now than a racing motorbike!

[DooMAD]

I don't get it: on the one hand, Bitcoin users are very much into "not your keys, not your coins". But on the other hand, "we" all want an ETF to pump the price. Which one is it? Encourage people to pay someone else to (promise to) hold Bitcoins for them, or encourage people to hold their own Bitcoins?

There was definitely a "button-press-dilemma" meme for this, heh.

I'm not in any rush for institutional investors to jump in, but then I'm going long.  My generation definitely aren't getting anything resembling a state pension in the UK.  My BTC stash is basically my retirement fund, heh.  And possibly a deposit on a house if the timing works out.

I guess the collective "we" are a little less patient than I am.