Bitcoin faces a moment of reckoning as markets await a ruling that could resolve Grayscale's lawsuit against the SEC.
from the Federal Reserve's July 25-26 meeting, meanwhile, showed monetary officials are still fixated on prioritizing the battle against inflation, with some reading that as a signal that rate hikes might not be over. The S&P 500 dropped 0.8%, slumping for the second day in a row, and the Nasdaq 100 slid 2.2%.
"There are many factors to consider, such as obiter dictum, differing qualifications or stays of execution," he told The Block, noting parallels with a recent decision in the ongoing dispute between the SEC and Ripple Labs where the outcome was immediately interpreted as a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. However, after the judgement was unpacked, the verdict appeared more nuanced.
Genesis' Gordon Grant argued that a fall to around $20,000 is unlikely, although he said his assessment excluded"the simultaneous surfacing of systemic risks." He also underscored the narrowing GBTC/BTC discount, which he said could be a sign of market optimism about the ultimate approval of spot bitcoin ETFs.
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