A US court has sided with Grayscale in its battle against the SEC, causing Bitcoin and the rest of the crypto market to surge. This volatility caused massive losses for over-leveraged traders, with liquidated short positions reaching $80 million within an hour.The court’s decision means that the SEC is now obligated to review Grayscale’s request to turn its flagship Bitcoin Trust into a spot exchange-traded fund. Although this doesn’t guarantee approval, it had a huge effect on BTC’s price, which jumped from around $26,000 to almost $28,000. Other altcoins also saw significant gains, with BNB, SOL, MATIC, TONCOIN, LTC, BCH, AVAX, and XLM rising by between 5% and 10%.According to CoinGlass, this has resulted in a large number of liquidations over the past hour, with the total value reaching $85 million. Short positions accounted for 90% of this amount, with BTC’s share being the largest at over $40 million.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	10
People	None
Companies	CoinGlass, PrimeXBT, Grayscale, None, Binance, SEC
Currencies	Binance Coin, Litecoin, Bitcoin, Bitcoin Cash, toncoin, Avalanche, Solana, Polygon, Stellar
Securities	None