Bitcoin jumps 7% as US court rules in favor of Grayscale ETF

PRICE UP. Bitcoin prices rose more than 7 percent on Tuesday after a US court ruled in favor of Grayscale, which, in 2022 requested before the US Securities and Exchange Commission to convert its Bitcoin Trust into an exchange-traded fund (ETF). As a result, the price of Bitcoin increased to around USD28,040 at around 1pm EDT. (Pexels photo)

ISTANBUL – Bitcoin jumped more than 7 percent on Tuesday after a US court ruled in favor of cryptocurrency investment firm Grayscale’s exchange-traded fund (ETF).

Bitcoin price climbed to as high as USD28,040 at 1:10 p.m. EDT for a 7.3 percent daily gain after closing the previous day at USD26,121.

Ethereum, the world’s biggest altcoin by market value, also rose 5.4 percent to as much as USD1,743 after closing Monday at USD1,653.

Some altcoins saw their prices soar around 10 percent in the past 24 hours, data from the digital asset price-tracking website CoinMarketCap showed.

Total value of the crypto market was up 5 percent to USD1.11 trillion at 1:56 p.m. EDT, the data showed.

The US Court of Appeals for the D.C. Circuit decided against the US’ Securities and Exchange Commission, which had rejected last year Grayscale’s application to convert its Bitcoin Trust to an ETF.