Bitcoin (BTC)’s Tuesday rally following Grayscale Investments' potentially influential court win on Tuesday appears to be a flash in the pan, with the world’s largest cryptocurrency losing 1.5% on the spot markets yesterday.
BTC/USDT surged as high as $28,150 after the US courts determined that the securities regulator was unfairly blocking Grayscale’s application to turn its $11 billion GBTC bitcoin trust into an exchange-traded fund.
The post-Grayscale hype was evidently not enough to sustain momentum in what continues to be a period of historically low trading volumes and risk-off sentiment in the broader cryptocurrency market.
In the longer term, bitcoin bulls are pinning their breakout hopes on actual approval of a spot-bitcoin ETF.