Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.
Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.
Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.
Why is Bitcoin and crypto surging?
Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).
As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.
The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.