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- Bitcoin climbs 7.5%, driving altcoins STX, BCH, and XDC to significant increases in a favorable market reaction.
- The US Court of Appeals determined that the SEC was incorrect in denying Grayscale Investments’ request for a Bitcoin ETF.
On Tuesday, the federal appeals court decided that the Securities and Exchange Commission (SEC) must reassess Grayscale Investments’ proposal to establish the first bitcoin exchange-traded fund (ETF).
This decision represents a setback for SEC Chair Gary Gensler’s efforts to oversee the expanding crypto industry. In direct response to this ruling, Bitcoin, the largest cryptocurrency by market capitalization, saw a notable price increase of over 7.5%, rising from $25,968 to $27,983.
Top Gainers (Source: CoinMarketCap)
The positive trend initiated by Bitcoin’s price increase had a ripple effect on the global cryptocurrency market, with numerous leading altcoins showing gains. In particular, three altcoins—Stacks (STX), Bitcoin Cash (BCH), and XDC Network (XDC)—stood out as the top gainers of the day.
Stacks (STX) Records 18% Increase
Stacks (STX), a notable altcoin, surged over 18% in recent hours, bringing its trading price to $0.5383. The altcoin also experienced a remarkable rise in its daily trading volume, which soared by more than 1,439% to hit $173 million.
Stacks (STX) Price Chart (Source: CoinMarketCap)
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A significant technical indicator for Stacks’ price has moved above the 50-day exponential moving average (EMA), emphasizing its upward trend. Moreover, the Relative Strength Index (RSI) of STX is nearing the neutral zone, indicating a balanced market sentiment.
Bitcoin Cash (BCH) Experiences a 15% Increase
In addition, Bitcoin Cash (BCH) demonstrated a rally of over 15% in the last 24 hours, currently trading at $219. This notable price rise was accompanied by a considerable increase in daily trading volume, which surged by 258% in just one day, reaching $525 million.
Bitcoin Cash (BCH) Price Chart (Source: CoinMarketCap)
The strong performance of BCH reflects the growing interest and confidence among investors in the altcoin.
XDC Network (XDC) Maintains Positive Trend
The XDC Network (XDC) has sustained positive momentum since the start of the week, exhibiting consistent growth. At the time of this report, XDC is trading at $0.06458, representing an impressive 17% increase over the past 24 hours. Additionally, the daily trading volume of XDC saw a significant rise of 52%, reaching $14 million.
XDC Network (XDC) Price Chart (Source: CoinMarketCap)
In summary, these developments underscore the dynamic and rapidly evolving nature of the cryptocurrency market, where regulatory actions and market sentiment can lead to swift changes in asset values.
What are your thoughts on the recent ruling by the US Court of Appeals? Do you believe it will impact the cryptocurrency market? Tweet to us at @The_NewsCrypto and share your views.
