Federal Judge Blocks Trump Administration Move to End TPS for Haitian Immigrants 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Trump Administration Sued Over Suspension of Critical Hudson River Tunnel Funding 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
FxWirePro- Major Crypto levels and bias summary 
Federal Judge Rules Trump Administration Unlawfully Halted EV Charger Funding 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Thailand Inflation Remains Negative for 10th Straight Month in January 
India Services Sector Rebounds in January as New Business Gains Momentum: HSBC PMI Shows Growth 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
The U.S. Court of Appeals for the D.C. Circuit sided with Grayscale Investments, ruling the Securities and Exchange Commission (SEC) improperly denied their Bitcoin exchange-traded fund (ETF) application. This decision propelled Bitcoin's value by 5%, signaling potential growth in mainstream crypto adoption.
Grayscale aims to establish the fund, enabling investors to access Bitcoin through traditional brokers and markets rather than digital asset exchanges. While the SEC has already approved funds based on Bitcoin futures, it has consistently denied requests for an ETF directly holding the cryptocurrency, citing market manipulation and fraud concerns.
The court's decision sent Bitcoin prices soaring by 5% and bolstered shares of cryptocurrency firms like Coinbase. The SEC, meanwhile, confirmed that it is reviewing the ruling to determine its next course of action, with a 45-day window to request another review.
Amidst a turbulent year of token crashes, scandals, bankruptcies, and regulatory crackdowns, digital asset prices have suffered. While the SEC has recently taken enforcement actions against major crypto exchanges like Binance and Coinbase, digital asset enthusiasts widely ridiculed the commission's skepticism towards cryptocurrencies.
Consequently, proponents of digital assets celebrated the court's ruling, describing it as significant, positive, and precedent-setting for the broader crypto industry.
Bitcoin enthusiasts have long envisioned the possibility of an ETF. Since 2013, when Cameron and Tyler Winklevoss, founders of the Gemini crypto exchange, applied for an ETF with securities regulators, the dream has persisted. An ETF would allow investors seeking exposure to the cryptocurrency to purchase shares in a fund that holds Bitcoin, providing a more stable alternative to the volatile and chaotic digital asset markets.
This court ruling benefits Grayscale and Bitcoin and establishes a crucial precedent for the entire crypto industry. With this decision, market participants anticipate new opportunities and increased mainstream recognition for digital assets.
Photo: Kanchanara/Unsplash
