Bitcoin Cash Price Surges 20% Following Grayscale Victory
- Bitcoin Cash (BCH) average daily traded volume spiked over 266 percent to about $549 million.
- The Grayscale Bitcoin Cash Trust has about $67.4 million in assets under management and has been in operation since 2018.
One of the most prominent Bitcoin hard forks, Bitcoin Cash (BCH), experienced more volatility in the past 24 hours after the United States Court of Appeals for the D.C. Circuit paved the way for a BTC ETF approval. According to the latest crypto market data provided by Coingecko, Bitcoin Cash (BCH) price gained as much as 15 percent in the past 24 hours to reach a daily high of about $227. However, Bitcoin Cash (BCH) price stabilized on Wednesday to trade around $216, thus a bump of approximately 15 percent in the past seven days.
Bitcoin Cash Rallies on Grayscale’s Victory Against the SEC
On Tuesday, the United States court ruled in favor of Grayscale Investments and against the SEC in regards to the conversion of the former’s GBTC to a spot ETF. Notably, the court argued that the SEC failed to adequately explain why it approved the listing of two Bitcoin futures ETPs but not Grayscale’s proposed Bitcoin ETF.
“In the absence of a coherent explanation, this unlike regulatory treatment of like products is unlawful,” the court noted.
Following the ruling, experts believe the first Bitcoin ETF in the United States is around the corner. Moreover, the SEC has several Bitcoin ETF applications to review including from BlackRock, Valkyrie, and WisdomTree, among many others. Meanwhile, the United States SEC could appeal the Grayscale ruling at the Supreme Court, but legal experts argue that the agency presented its best argument forward and failed to win.
“If the SEC changed their rationale for denying their application, it would appear even more arbitrary. The SEC already put their best argument forward, and the Court of Appeals rejected it,” Renato Mariotti, a former federal prosecutor in the Securities and Commodities Fraud Section of the United States Attorney’s Office, noted.
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Notably, Grayscale provided several products to investors including the Bitcoin Cash Trust which has a total of about $67.4 million in assets under management. Worth noting that Grayscale’s Bitcoin Cash Trust is down approximately 84 percent since its inception back in 2018, which puts the 83 percent 12-month performance underwater.
Notably, the Grayscale Bitcoin Cash Trust has about 34,812,900 shares outstanding, with each shareholding about 0.0087156 BCH. The significant bump in Bitcoin cash price is believed to be caused by speculations that Grayscale will also file to convert its BCHG into an ETF in the near future.
Price Analysis
After enjoying a bullish breakout in June that was followed by a notable correction, Bitcoin Cash’s price could be entering the second phase of its rally. However, the BCH bulls must push beyond the daily 50 Moving Average (MA) in order to maintain the rising trend.
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