• Regulatory news triggers volatile price swings.
• Grayscale’s court decision fuels Bitcoin and GBTC gains.
• Major developments reshape the crypto landscape.

An experienced Crypto trader shares his views on how regulatory decisions played a significant role in this week’s crypto market movements. In the long run, these moves have demonstrated the market’s sensitivity to government actions and decisions.

The cryptocurrency market experienced a rollercoaster of high volatility this week, with regulatory news causing fluctuations in prices. Initially, an encouraging court decision led to a market surge, but subsequent announcements from the SEC erased those gains.

On Tuesday, the market saw a significant upswing after a court ruling favored Grayscale Investments’s Bitcoin trust. The federal Court of Appeals overturned the SEC’s decision to reject Grayscale’s proposal to convert the trust into a spot Bitcoin ETF. In turn, the move resulted in a 21% rally in GBTC’s share price and nearly 7% gain in Bitcoin’s value.

However, following this positive development, the SEC chose to delay its decision on pending spot Bitcoin ETF applications. This decision led to a rapid downturn in the crypto market, causing Bitcoin to end the month down nearly 11%.

In other news, X’s payment branch, Twitter Payments, obtained licenses to store, transfer, and exchange cryptocurrencies for its users. Elon Musk aims to transform X into an all-encompassing platform for communications and financial services.

Meanwhile, Robinhood agreed to repurchase Sam Bankman-Fried’s stake in the company for $600 million. This move led to a 3% increase in Robinhood’s share price. In addition, Binance introduced its ‘Send Cash’ remittance service in Latin America, allowing users in nine countries to send funds directly to bank accounts without intermediaries.

Also making a contribution, a US District judge categorized Ether as a commodity while dismissing a lawsuit against decentralized exchange Uniswap. This distinction negated claims that Uniswap’s token sales fell under the jurisdiction of the Exchange Act.

Lastly, Brazilian crypto streamer Fraternidade Crypto inadvertently exposed his private key during a live stream, resulting in the theft of 86,000 MATIC tokens worth nearly $50,000.

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The post Crypto Market Rally Delayed, Regulatory News to Blame appeared first on Crypto News Land.