By James Davis
Over the past seven days, most of the leading digital currencies by market cap have recorded negligible gains or losses. Bitcoin ends the week with a 0.4% loss. The coin trades at $25,902, according to data from CoinGecko.
On Tuesday, Bitcoin saw its price rise to $27,894 following the court order to review the United States Securities and Exchange Commission’s decision to deny a spot Bitcoin ETF application from crypto asset manager Grayscale. The court argued that the Gary Gensler-led agency did not provide sufficient explanation for rejecting the application.
Bitcoin was not the only financial instrument that rallied that day. Grayscale shares (GBTC) rose by 18% to $19.35. Latest data suggests that investors who purchased the dip in December when GBTC fell sharply to $8.16 are now up 135%.
Meanwhile, Ethereum is down 0.63% to change hands for $1,633 at press time.
Virtually almost all the top cryptocurrencies are trading at the same prices they were last weekend, with the exception of Bitcoin Cash, which grew 10.36% to $205.43 and Toncoin, which saw its value increase by more than 20% to $1.67.
Drivers Behind Toncoin and Bitcoin Cash Rallies
Toncoin’s current bullish run is largely fueled by the developments around its ecosystem. In mid-August, the Ton Foundation launched a Web3 app store and Believers.ton, a community-driven project that provides a platform for Toncoin supporters to reward each other for their contribution to the development of the ecosystem.
As for Bitcoin Cash, its rally began immediately after the court delivered its ruling in favor of Grayscale. Crypto exchange Coinbase also saw its stock, COIN, soar 16% following the news.
The Tuesday gains that Ethereum and Bitcoin posted disappeared on Friday when the US Security and Exchange Commission informed the public that it needed extra time to decide on the Bitcoin ETF applications filed in July. However, the agency is expected to announce its decision before the end of October.
In other news, popular airline Giant Lufthansa rolled out its NFT-powered loyalty program on the Polygon network on Thursday. Nonetheless, Polygon’s native token MATIC did not react to the development. The crypto asset ends the week trading at $0.543 after declining by 0.32%.