Grayscale wins lawsuit against SEC as court paves way for one-of-a-kind bitcoin ETF

[raiders72001]

[COLOR=var(--wp--preset--color--gray-g)]The Securities and Exchange Commission should have approved an application from Grayscale Investments to create a spot bitcoin exchange-traded fund, a federal appeals court ruled on Tuesday, in a landmark victory for the asset manager that could pave the way for the first product of its kind.[/COLOR][COLOR=var(--wp--preset--color--gray-g)]A panel of judges in the District of Columbia Court of Appeals in Washington said the securities regulator’s denial of Grayscale’s proposal was arbitrary and capricious because the SEC failed to explain its different treatment between bitcoin futures ETFs and spot bitcoin ETFs.[/COLOR]
[COLOR=var(--wp--preset--color--gray-g)]The price of bitcoin, the world’s largest cryptocurrency, BTC was recently up 4.71% at $27,333 following the decision.[/COLOR]
[COLOR=var(--wp--preset--color--gray-g)]The ruling could be a boon for bitcoin, as a spot bitcoin ETF would provide investors the opportunity to gain exposure to the digital asset without having to purchase bitcoin via a retail exchange or hold the asset in a separate crypto wallet.[/COLOR]
[COLOR=var(--wp--preset--color--gray-g)]In a statement, a Grayscale spokeswoman said the decision “is a monumental step forward for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper.”............[/COLOR]

https://nypost.com/2023/08/29/graysc...r-bitcoin-etf/

[raiders72001]

Price got a nice bounce with the news.

[Optional]

An ETF kind of negates the limited supply angle as an advantage of BTC doesn't it?

Got to wonder how this should affect our long term thinking.

Will the ETF traders affect the base price do you think? Does this make it easier for large hedge funds to manipulate things?

[raiders72001]

An ETF kind of negates the limited supply angle as an advantage of BTC doesn't it?

Got to wonder how this should affect our long term thinking.

Will the ETF traders affect the base price do you think? Does this make it easier for large hedge funds to manipulate things?

All interesting questions and thoughts. Without over thinking it, I think the more exposure the better and this will bring in a ton more exposure. If the Blackrock ETF goes through, we are in for a huge bull run.

[raiders72001]

I try not to overthink any of this since I don't day trade anymore. We know everything will shine during the bull run. It would take some type of crypto disaster to stop this. Study the alts and try to make the most money during this run. Then dump in a few years. I got caught hoping to extend the run last time with a couple small caps along with SHIB but took out a huge majority of BTC and top alts before the crash.

[Optional]

I still have some SHIB and APE too. Not a lot at least.

[raiders72001]

I still have some SHIB and APE too. Not a lot at least.

I have APE too but there's too many lawsuits against them and the NFTs are off of Opensea. I'll still keep APE and go down with the ship if I have to.

[Optional]

Yeah, I am thinking the same. Gone down too far to bother cashing out for now anyway.

[Arky]

.........We know everything will shine during the bull run. It would take some type of crypto disaster............

Likewise, I have several alts that are too far down to sell. The upcoming bull run (if it is not usurped by a "manufactured crisis") should separate those alts that are going to recover from the truly dead.

There's still a long time to go before the market begins to rise. Some predict there could be upticks by the end of the year while mid to late 2024 is probably more like it. That will be the time to dump the stragglers.

BTC and ETH - still the best bets. It's still buying season if you have the capital.

As for a possible "manufactured crisis", the list is too long. Beware of false flag events posing as "threats" to bring on the fear and panic. The 2024 elections could be cancelled due to one of these "crisis" so that the corrupt can stay in power.