Bitcoin holds steady amidst market fluctuations and Voyager sell offs. As Grayscale ETF ruling looms, optimism and reduced volatility shape the outlook.
. Concerns were raised about the sheer volume of assets being sold and the potential ripple effects throughout the ecosystem.
Taking a closer look at Bitcoin’s current state provided further insight. At the time of writing, Bitcoin’s price hovered around $29,390, reflecting stability amid the recent market turbulence. The velocity of Bitcoin transactions, however, exhibited a slight decline over the past week, potentially indicating a cautious approach by traders.The looming Grayscale ETF ruling adds an intriguing dimension to the equation.
Scott Johnsson of Van Buren Capital tweeted on 11 August that U.S. District Courts usually handle pending cases before new staff comes in, observing that in March 2021 and 2022, 30 out of 32 cases were resolved within 160 days after oral testimony. This also marks 160 days since Grayscale presented its oral arguments against the United States Securities and Exchange Commission on March 7.This could suggest that the Grayscale ETF ruling would come sooner than later.
Why should we expect August? Because law clerks for DC generally cycle in/out this month, so judges aim to clear prior caseload before the new guard arrives.
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