Bitcoin (BTC) has returned to the $26,000 price level after a U.S. court ruled in favor of digital asset management company Grayscale Investments in its lawsuit against the Securities and Exchange Commission (SEC). The ruling ordered the SEC to vacate its decision to reject Grayscale’s application to turn its flagship fund into a spot Bitcoin exchange-traded fund (ETF).On Tuesday, the news positively impacted BTC, pushing its price by more than $2,000 in hours to a new multi-week high of over $28,000. However, since the euphoria of Grayscale’s win has died down, the digital asset has returned to the $26,000 level and, at writing time, was trading at $25,900.Crypto analytics firm Santiment noted that on-chain data shows that the digital asset has retraced its steps after plenty of push and pull by news of the Grayscale win. Additionally, wallets holding between 10-10,000 BTC collectively accumulated bitcoins worth $388.3 million the day that led up to the news.The crypto community awaits updates from the SEC regarding several pending spot Bitcoin ETF applications. On-chain metrics show that the crypto market is in for a wild September as traders brace themselves for more volatility.

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

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Grayscale Investments, SEC, U.S. Court of Appeals for the D.C. Circuit., Michael Sonnenshein, Santiment
Companies	U.S. Court of Appeals for the D.C. Circuit, Grayscale Investments, Binance, Securities and Exchange Commission (SEC), Santiment
Currencies	US Dollar, goBTC, Sector, Ethereum, Bitcoin
Securities	None