Bitcoin Nears $28K as Grayscale's Spot Bitcoin ETF Hopes Stay Alive After Court Ruling

Bitcoin price edged toward $28,000 as Grayscale's spot Bitcoin ETF hopes stay alive after SEC won't appeal court ruling.

Grayscale's Bitcoin ETF application will likely be revisited by SEC after court ruled SEC was "arbitrary and capricious" in initial rejection.

Grayscale Bitcoin Trust (GBTC) trades at a 15.8% discount to Bitcoin price, the lowest since late 2021, as arbitrage prospects improve.

Altcoins like Solana (up 5%) and Binance Coin (up 3%) also rose amid positive developments like staking and token burns.

Overall crypto market cap rose 2.4% overnight to add nearly $25 billion as Bitcoin led the way higher.