Bitcoin Tests $30,000 Again While ETF Approval Optimism Rises
- XRP gains after SEC drops lawsuits against Ripple executives
- District court expected to weigh in on Grayscale ruling
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Bitcoin briefly topped $30,000 for the second time this week on growing expectations that another favorable court action raises the likelihood than an exchange-traded fund holding the cryptocurrency will finally be approved.
A US court in Washington is expected to issue a mandate as soon as Friday that could make effective an August opinion that went in favor of Grayscale Investments LLC, which had sued the Securities and Exchange Commission as it looked to convert its Bitcoin trust into an ETF. It’s the next step in the process after the SEC last week opted against appealing the previous ruling, which it had lost. The mandate may be given on Monday, Bloomberg Intelligence analyst James Seyffart said.