Crypto Shorts Worth $120M Liquidated In Single Day After Bitcoin, Ethereum Spike As Court Rules In Favor Of Grayscale Over SEC.
The cryptocurrency market experienced the liquidation of crypto shorts worth a staggering $120 million within a span of 24 hours. In a Tuesday ruling, the court ruled in favor of Grayscale in a lawsuit against the Securities and Exchange Commission (SEC). The lawsuit challenged the SECâs denial of the companyâs application to convert the Grayscale Bitcoin Trust GBTC into an ETF.
The aftermath of this ruling resulted in Bitcoin witnessing its largest daily gain in several months, with a surge of over 7%. Market sentiments were buoyed by this positive momentum, especially within an industry that has recently faced a barrage of regulatory enforcement actions, bankruptcies, and lawsuits.
