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The crash caused widespread speculation that a decision had been made in favor of Grayscale, which has been seeking to convert its GBTC Trust into a spot ETF. A spot ETF would allow GBTC to track the price of Bitcoin directly, rather than the price of Bitcoin futures.
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The crash also caused a sharp increase in trading volume for Bitcoin. Over $1 billion worth of Bitcoin was traded in the past 15 minutes, according to data from CoinMarketCap.
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The crash is a sign of the high level of interest in the outcome of the Grayscale case. A decision in favor of Grayscale would be a major victory for the cryptocurrency industry and could lead to further investment in Bitcoin.
The Grayscale case has been ongoing for over a year. The Securities and Exchange Commission (SEC) has rejected two previous applications from Grayscale to convert its GBTC Trust into a spot ETF.
The SEC has cited concerns about the potential for market manipulation and the lack of a regulated market for Bitcoin futures. Grayscale has argued that its GBTC Trust is already a regulated product and that there is a growing market for Bitcoin futures.
The SEC is expected to make a decision on the Bitcoin ETFs in the coming months.