Tuesday, May 28

Tag: Bitcoin

Bitcoin rises above US$42,000 for first time since April 2022
Finance

Bitcoin rises above US$42,000 for first time since April 2022

Bitcoin rose on Monday, briefly surpassing US$42,000 (RM195,699) for the first time since April 2022, in a new surge of momentum fueled by the possibility of US interest rate cuts and traders betting that the US will soon approve exchange-traded bitcoin funds. The world's biggest cryptocurrency hit as high as US$42,162 on Monday, its highest since April 2022, seemingly casting off the funk that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year. At 1256 GMT, it was at US$41,754, up 4.4% on the day. Its 50% rally since mid-October has "seemed to mark a decisive shift away from the bearishness of 2022 and early 2023," said Justin d'Anethan - head of business development for Asia-Pacific at Keyrock, a digital assets market ...
Grayscale Secures Court Victory in Battle with US SEC Over Bitcoin ETF
Finance

Grayscale Secures Court Victory in Battle with US SEC Over Bitcoin ETF

In a significant development, a federal appeals court has solidified Grayscale Investments' position in its quest to establish an exchange-traded fund (ETF) based on Bitcoin, despite the objections of the US Securities and Exchange Commission (SEC). This decision effectively sends the matter back to the SEC, reaffirming the court's previous ruling from August. In that ruling, the SEC's rejection of Grayscale's proposal to convert its trust into an ETF was overturned, with Judge Neomi Rao describing the SEC's decision as "arbitrary and capricious." The regulator failed to provide a satisfactory explanation for why it had approved similar products. The SEC's main argument against a Bitcoin-based ETF was the perceived lack of sufficient oversight to detect potential fraud. Grayscal...