The cryptocurrency market is on the rise, with the total global market cap up 5.39% to $1.11 trillion. Bitcoin is leading the way, with its price surging to just under $28,000.
There are a number of factors contributing to the bullish sentiment in the cryptocurrency market. One is the recent legal victory of Grayscale, a digital asset manager, against the U.S. Securities and Exchange Commission (SEC). The SEC had denied Grayscale’s application for a Bitcoin exchange-traded fund (ETF), but a federal court ruled that the SEC had not adequately justified its decision and ordered the agency to reconsider the proposal.
Another factor driving the market up is the increasing adoption of cryptocurrencies by businesses and institutions. For example, the payments company X has acquired a license to incorporate crypto payments, and the remittance company Ripple is expanding its on-demand liquidity service in India’s $50 billion remittance arena.
Here are some other notable developments in the cryptocurrency space:
- Hbar’s price experiences a slump ahead of anticipated token unlock.
- SEC settles its first enforcement action against an NFT project, signaling increased scrutiny.
- Ripple plans a celebration for its victory against the SEC on September 29.
Overall, the cryptocurrency market is in a bullish mood, and there are a number of factors that could support this sentiment in the coming months. However, it is important to remember that the cryptocurrency market is volatile, and prices can fluctuate significantly. Investors should always do their own research before investing in any cryptocurrency.
