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Fortune

Marco Quiroz-Gutierrez

Bitcoin soared after Grayscale’s historic court victory. Those gains have since vanished

Bitcoin Grayscale SEC Eric Balchunas BlackRock Crypto Cryptocurrency ETF

Bitcoin graphic (Credit: Illustration by Fortune)

Bitcoin, which jumped following Grayscale’s court victory over the Securities and Exchange Commission that many believe will lead to a flurry of Bitcoin spot ETFs entering the market, has since sputtered, erasing all gains.

Following the decision on Tuesday, in which a federal court ruled that the agency unreasonably denied Grayscale’s application to launch a spot Bitcoin ETF, the top cryptocurrency jumped as much as 8%, to $28,000, in just a few hours. It’s been all downhill since.

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