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Peter Davis

An writer at FOMOdrive

  • Aug 30, 2023
  • 3 min read

Bitcoin suddenly soared above $28,000 - what's going on?

On Tuesday evening, Bitcoin experienced a sharp increase in value.

A petition by Grayscale Investments has been approved by a US court.

The largest outflow of funds from crypto funds in the past six months has been recorded.

The trading of Bitcoin has dropped to its lowest level in five years.

Binance is contemplating a full withdrawal from the Russian market.


On Tuesday, Bitcoin surged above $28,000, increasing by almost $2,000 in a short period of time due to a US court decision to approve Grayscale Investments' request to the SEC.

In October 2021, Grayscale, an asset manager, filed an application with the US Securities and Exchange Commission (SEC) to convert its flagship GBTC trust into a bitcoin ETF. However, the regulator refused to do so, prompting the company to sue in June. The appeals court then ordered the SEC to reconsider its decision.

CoinShares reported a record decline in investments in crypto funds of $168 million last week. This marks the fifth week out of the last six that has seen an outflow of funds. Bitcoin investments decreased by $149 million, Ethereum by $17 million, and funds that allow for shorting bitcoin decreased by $4 million.

Since March 2023, when US regulators cracked down on exchanges, the outflow of funds has been the largest seen. This negative sentiment is likely due to the increasing realization that it will take longer to establish a spot Bitcoin ETF in the US than many had anticipated. This is evidenced by the SEC's recent decision to postpone a ruling on two ETFs proposed by CoinShares.

CryptoQuant reported that Bitcoin trading volume in August was the lowest it had been in almost five years, due to retail investors leaving the market during the bear market. This decrease was further impacted by US regulations on cryptocurrencies and the conclusion of the banking crisis in May.

For the first time, the SEC has classified Non-Fungible Tokens (NFTs) as investment contracts. Additionally, the SEC has accused Impact Theory of offering securities without registering them, in the form of sales of NFTs.

Congress has accused the Federal Reserve of erecting obstacles to the passage of a bill to regulate stablecoins. A coalition of lawmakers has alleged that the Fed's recent efforts to increase oversight of banks' connections to cryptocurrencies have impeded the progress of the bill.

Ripple is celebrating their victory in a legal dispute with the SEC by hosting a gala event on September 29 in New York. The crypto community is invited to join in the festivities!

The Binance exchange is reportedly contemplating a full withdrawal from the Russian market in light of pressure from Western regulators, as reported by The Wall Street Journal.

Following Binance, the Bybit exchange has started to refer to the cards of sanctioned Russian banks by their colors.

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