Bitcoin Price Prediction: Grayscale Win Fuels US Innovation Amid ETF Delays
Bitcoin's price landscape remains dynamic and ever-evolving. As the cryptocurrency is currently trading at $26,081, marking a over 4% decline on Friday, the backdrop presents a mix of challenges and opportunities.
A landmark court decision favoring Grayscale has emerged as a beacon of hope, propelling avenues for Bitcoin innovation within the United States.
Legal expert Vivek Ramaswamy underscores the significance of this verdict in clearing the path for Bitcoin's growth in the nation.
Concurrently, despite the ongoing momentum where exchange holdings of Bitcoin have plummeted to a five-year low, there are concerns on the horizon.
The SEC's decision to delay the registration of seven spot BTC ETFs led to a sharp 7% decline in Bitcoin's value.
Amidst these developments, there's a growing chorus for collaboration; Biden's regulators are now being pressed to join forces with Congress to sculpt a robust regulatory framework for cryptocurrencies.
Vivek Ramaswamy, a Republican presidential candidate, believes that the recent court ruling favoring Grayscale Investments against the SEC will foster Bitcoin innovation within the US.
He praised the decision for ensuring that crypto development remains domestic, rather than abroad.
Ramaswamy criticized the case's escalation to courts, asserting that federal courts are now the defense against government agency actions.
He pledged to revoke federal regulations not meeting the Supreme Court's West Virginia vs. EPA standard if elected. While Ramaswamy’s comments favored BTC, they failed to spark positive momentum in BTC/USD value.
Bitcoin accumulation by long-term holders persists as exchange holdings reach a 5-year low.
On August 31, Glassnode data indicated HODLed or lost coins at a
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