Hassan Maishera
TL;DR
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Bitcoin touched the $28k level for the first time in nearly two weeks after rallying by more than 6% in the last 24 hours.
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The rally comes after a favorable ruling for Greyscale in its case against the US SEC.
Bitcoin Touches $28k
Bitcoin, the world’s leading cryptocurrency by market cap, rallied by more than 6% on Tuesday, reaching the $28k level for the first time since the start of the month.
At press time, the price of Bitcoin stands at $27,449, up by more than 5% in the last 24 hours. The recent rally has recovered most of the losses recorded during the bearish run experienced this month.
The rally comes after a United States court asked the Securities and Exchange Commission (SEC) to vacate its rejection of Grayscale's bid to convert its Bitcoin Trust into an ETF.
The ruling was celebrated within the crypto space as it could allow Grayscale to convert its flagship GBTC into a spot Bitcoin ETF.
Bitcoin’s rally also saw other altcoins record massive profits. The total cryptocurrency market cap currently stands at $1.09 trillion, up by more than 4% in the last 24 hours. Toncoin is the best performer amongst the top 20 cryptocurrencies by market cap, adding more than 15% to its value during that period. At press time, the price of TON stands at $1.72.
