Bitcoin rises above $27,000 as Grayscale defeats the SEC in court, boosting sentiment

In trade on Wednesday, the cryptocurrency markets were trading higher. Ethereum (ETH) was trading above the 1,700 mark while Bitcoin (BTC) increased 5.5% to $27,450. In the meantime, the market capitalization of all cryptocurrencies was increasing, trading at roughly $1.09 trillion, up 4.22% in the previous day. As news spread that digital asset management Grayscale had won a case against US regulators, Bitcoin came close to reaching two-week highs. Instantly, the markets responded, rising $1,700 in just 30 minutes. The Securities and Exchange Commission (SEC) of the United States was found to have erred when it denied Grayscale's request to launch an exchange-traded fund (ETF) with the Bitcoin spot price as its benchmark, according to a judgement by the U.S. Court. On Wednesday, the prices of other popular crypto tokens increased as well. Solana increased by 6.4%, Toncoin soared by 14%, and Dogecoin increased by nearly 4%. XRP, Polkadot, and BNB all saw gains. 5.27% of the 24-hour volume of the whole crypto market, or $2.91 billion, is now being traded in DeFi. All stablecoin volume is currently $51.29 billion, or 92.8% of the 24-hour volume of the whole crypto market. The largest cryptocurrency in the world by market cap, Bitcoin, was valued at almost $534 billion. According to CoinMarketCap, Bitcoin presently has a 48.85% market share. BTC volume was over $30.9 billion at the time, up 185.3% in the previous day. In its legal dispute with the Securities and Exchange Commission over the conversion of the Grayscale Bitcoin Trust into an Exchange-Traded Fund (ETF), Grayscale won, according to the court. This significant breakthrough has encouraged a positive environment among market players, driving market prices higher.