The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 16, 2023. .
On Friday, a person familiar with the matter said the U.S. Securities and Exchange Commission wouldn’t appeal its loss in the Grayscale case. “The SEC’s decision not to appeal against a ruling that it was wrong to reject a spot BTC ETF. It is a clear testament that regulatory dynamics in crypto are evolving,” said Lucas Kiely, chief investment officer at Yield App. He stated “While this by no means guarantees that Grayscale will convert its bitcoin trust into an ETF. The move does allow Grayscale’s application to move forward,” Kiely said. “It also opens the door for further spot bitcoin ETFs in the U.S., which could potentially narrow the gap with Europe and Canada, where ETFs have already gained traction with investors.”
Bitcoin (BTC) jumped about 4.5% in Asian morning hours Monday on optimism a bitcoin exchange-traded fund could get approved. In the hopes with coming months, likely sparking bullish expectations. Bitcoin traded just under $28,000, reversing all losses over the past week. The jump seemed to be a continuation of Friday’s reaction to the SEC’s decision; to not appeal the recent Grayscale ruling. As well as a pump in bitcoin prices following the news. The widely tracked crypto market indicator “GBTC discount” narrowed to its lowest in 22 months on Friday. On Friday, shares in Grayscale Bitcoin Trust (GBTC) traded at a discount of 15.87% to the trust’s net asset value. Clearly a level not seen since December 2021, according to YCharts. The discount has been steadily narrowing since reaching a record low. Which was of nearly 50% during the height of the bear market in December last year.
A New Crypto Regime for Aussies
Australia expects to release draft legislation that covers licensing and custody rules for crypto asset providers by 2024. Once the legislation becomes law, exchanges will have 12 months to transition to the new regime. this is what the country’s Treasury announced on Monday. The timeline indicates it could take until 2025. For Australians to see a new digital asset platform to receive a license under the regime. Still, the development represents a significant step taken by the Australian government towards framing a crypto regulation policy.