Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies experienced a decline on Wednesday as the rally subsided, a trend attributed to Grayscale’s court triumph against the Securities and Exchange Commission (SEC).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.12% | $27,233 |
| Ethereum (CRYPTO: ETH) | -1.01% | $1701 |
| Dogecoin (CRYPTO: DOGE) | -0.44% | $0.065 |
What Happened: The federal appeals court has instructed the SEC to reconsider its decision to decline the investment manager Grayscale’s proposal to transform its $14 billion Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
This development sparked a swift increase in the overall crypto market and crypto-related stocks on Tuesday.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Mantle | +2.16% | $0.4489 |
| MX Token | +1.72% | $2.87 |
| EOS | +1.05% | $0.6243 |
Currently, the global crypto market capitalization stands at $1.09 trillion, a 3.93% increase in the last day.
The S&P 500 extended its four-day winning streak on Wednesday, driven by investors analyzing fresh U.S. economic data. The index rose by 0.38%, while the tech-heavy Nasdaq Composite saw a gain of 0.54%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe suggests that the recent price breakout of Bitcoin, surpassing $27,000, may indicate that the correction is coming to an end.
In order to avoid a potential liquidation cascade, Bitcoin needs to maintain its position above this level. If it succeeds, it would signal confirmation that the correction has concluded and that new highs are on the horizon. Previously, Bitcoin broke above the significant resistance at $26,800 but failed to maintain momentum until the recent breakout. This breakout was driven by positive developments involving Grayscale, Binance, X, and DCG.
The #Bitcoin price broke above $27,000. Is the correction over?It might.
We've broken out of the tiny range and we need to stay above to avoid another liquidation cascade.
If we do, we're confirming that the correction is over and that we're going to target new highs.