Best Crypto to Buy Now August 29 – XDC Network, Avalanche, Algorand
Bitcoin jumped to a two-week high on Tuesday, August 29, after digital asset manager Grayscale won a lawsuit against the U.S. Securities and Exchange Commission (SEC).
Bitcoin's price gained $1,400 within the first hour after the news broke. The ruling by the U.S. Court of Appeals for the District of Columbia Circuit stated the SEC was "arbitrary and capricious" in rejecting Grayscale's proposal for a Bitcoin exchange-traded fund (ETF) that would track the cryptocurrency's spot price.
With these macroeconomic developments in mind, what are the best cryptos to buy now?
"The denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment of similar products," the court document read. "We therefore grant Grayscale's petition and vacate the order."
This decision adds Grayscale to the list of firms still waiting for approval from the SEC to launch the first U.S. spot Bitcoin ETF. So far, the regulatory body has rejected all similar proposals.
At the time of writing, Bitcoin is trading at around $27,700 after reaching a high of $28,167 following the news. According to data from the Binance exchange, the uptick was driven by increased buying across all order sizes in an otherwise illiquid market.
Grayscale's battle with the SEC has been lengthy and gradual. CEO Michael Sonnenshein has insisted the company would continue challenging the regulatory body until receiving approval to convert the existing Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.
"Thank you to everyone who has been on this journey with us, especially our investors," wrote Sonnenshein on Twitter after the court's decision. "We are grateful for your support and encouragement. Next up: our legal team is actively
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