Bitcoin surges 7.5%, propelling altcoins STX, BCH, and XDC to substantial gains in positive market response.

The US Court of Appeals ruled the SEC wrong in rejecting Grayscale Investments’ application for a Bitcoin ETF.

On Tuesday, the federal appeals court ruled that the Securities and Exchange Commission (SEC) must reevaluate the application of Grayscale Investments, a crypto asset manager, to launch the first bitcoin exchange-traded fund (ETF).

This ruling marks a setback for SEC Chair Gary Gensler’s attempts to regulate the burgeoning crypto sector. As a direct response to this development, the world’s largest cryptocurrency, Bitcoin, experienced a significant price surge of over 7.5%, jumping from $25,968 to $27,983.

The positive momentum initiated by Bitcoin’s price movement had a jetting effect on the global crypto market, with many leading altcoins demonstrating gains. Notably, three altcoins—Stacks (STX), Bitcoin Cash (BCH), and XDC Network (XDC)—emerged as the top gainers of the day.

Stacks (STX) Registers 18% Surge

Stacks (STX), one of the prominent altcoins, surged over 18% within the past few hours, bringing its trading value to $0.5383. The altcoin also witnessed a stunning increase in its daily trading volume, skyrocketing by more than 1,439% to reach $173 million. 

A notable technical aspect of Stacks’ price has risen above the 50-day exponential moving average (EMA), underlining its upward trajectory. Additionally, the Relative Strength Index (RSI) of STX is approaching the neutral zone, signifying a balanced market sentiment.

Bitcoin Cash (BCH) Achieves a 15% Rally

Secondly, Bitcoin Cash (BCH) exhibited a rally of over 15% in the past 24 hours, currently trading at $219. This notable price increase was accompanied by a substantial surge in the daily trading volume, which surged by 258% in a single day, reaching $525 million. 

The strong performance of BCH demonstrates the heightened interest and confidence among investors in the altcoin.

XDC Network (XDC) Continues Positive Momentum

The XDC Network (XDC) has maintained positive momentum since the beginning of the week, showcasing consistent growth. At the time of writing, XDC is trading at $0.06458, reflecting an impressive 17% surge over the last 24 hours. Furthermore, the daily trading volume of XDC witnessed a notable increase of 52%, reaching $14 million.

In conclusion, these developments highlight the dynamic and fast-paced nature of the crypto market, where regulatory decisions and market sentiment can lead to rapid shifts in asset values.

What do you think about the recent ruling by the US Court of Appeals? Will it influence the cryptocurrency market? Tweet to us at @The_NewsCrypto and let us know your thoughts.

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Filed under: Bitcoin - @ August 30, 2023 7:10 am