Grayscale's legal victory over the SEC and disappointing U.S. labor market data support upside in bitcoin. But the bullish scenario is not without risks.
For now, stars look to have aligned in favor of the bulls, thanks to Grayscale's legal victory over the SEC and the horribly weak U.S. JOLTS jobs report.Continued weak U.S. data releases may trigger recession fears and weigh over risk assets.
Bitcoin rose over 6% to $28,000 following the court ruling, which raised hopes for an eventual launch of a spot-based ETF. Several experts say a spot-based ETF will likely open floodgates for mainstream money. Traditional finance giants like Blackrock have filed for a spot-based ETF. The data dented the appeal of the U.S. as a relatively strong economy, weakening the case for a continued Federal Reserve rate hikes and sent Treasury yields and the dollar lower. The dollar index fell by nearly 0.5% on Tuesday.
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