Bitcoin (BTC) rose about 4.5% in early Asian hours on Monday on hopes that a Bitcoin exchange-traded fund (ETF) could be approved in the coming months, raising bullish hopes.
Bitcoin traded at just under $28,000, recouping all of last week’s losses. The increase appeared to be a continuation of Friday’s reaction to the U.S. Securities and Exchange Commission’s decision not to appeal a recent Grayscale ruling.
The SEC apparently will not appeal a court overturn of a decision to have Grayscale convert its popular Bitcoin trust into a more investor-friendly exchange-traded fund, potentially clearing the way for the world’s first Bitcoin ETF, according to a person familiar with the matter
This helped increase the chances that the Grayscale Bitcoin Trust (GBTC) could be converted into a more attractive ETF.
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