Bitcoin (BTC) neared two-week highs on Aug. 29 as news hit that digital asset manager Grayscale had won a lawsuit against United States regulators. The ruling by the United States Court of Appeals for the District of Columbia Circuit stated that the U.S. Securities and Exchange Commission (SEC) was wrong to reject an application by Grayscale to launch an exchange-traded fund (ETF) using the Bitcoin spot price as its basis.At the time of writing, BTC/USD circled $27,300, having reached as high as $27,723 on Bitstamp. Data from the Binance BTC/USD order book showed an uptick in all order classes, boosting buying in what was a market lacking liquidity.Continuing the reaction, Michaël van de Poppe, founder and CEO of trading firm Eight, suggested that the court’s decision could have a positive impact on the existing ETF applications, notably that of the world’s largest asset manager, BlackRock. He suggested that this news could be the start of a bull cycle.Grayscale’s legal battle with the SEC was lengthy and slow-moving, with CEO Michael Sonnenshein among those insisting that the firm would not rest until granted permission to convert its existing Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), to an ETF. Following news of the SEC’s setback, Sonnenshein expressed his gratitude to investors and stated that their legal team is actively reviewing the Court’s opinion. The GBTC share price was up over 17% on the day at the time of writing at $20.60.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	North America
Countries	🇺🇸 🇳🇱
Sentiment	positive
Relevance Score	8
People	Michaël van de Poppe, Michael Sonnenshein
Companies	Bitcoin spot price, BlackRock, U.S. Securities and Exchange Commission (SEC), Grayscale, United States Court of Appeals for the District of Columbia Circuit, Grayscale Bitcoin Trust (GBTC)
Currencies	Bitcoin, Ethereum, US Dollar
Securities	None