Bitcoin (BTC) saw an 8% uptick on 29 August, reaching over the $28,000 mark for the first time in two weeks, following Grayscale’s recent legal victory against the U.S. Securities and Exchange Commission (SEC).
Bitcoin Cash (BCH) saw even bigger gains, with a 19% surge yesterday after the crypto market turned green.
Let’s take a closer look at what’s behind these prices as well as how one new altcoin – Wall Street Memes – is also benefiting.
Landmark Ruling Sets the Stage for Crypto ETFs
In a landmark court decision, a federal appeals court in Washington D.C. ruled in favor of asset management firm Grayscale.
The court opined that the SEC was incorrect in rejecting Grayscale’s application to convert its Bitcoin Trust into an exchange-traded fund (ETF). The win puts considerable pressure on Gary Gensler, the SEC chair, who has been actively cracking down on the crypto industry.
What Does This Mean For Bitcoin Cash?
Grayscale’s win is a milestone in the crypto industry, challenging the SEC’s regulatory constraints. Bitcoin Cash, benefiting directly from this news, has become one of the market’s top gainers in the past 24 hours.
Following the win, Bitcoin Cash’s price soared to $228.4, its highest level since August 16. However, It remains to be seen whether this surge is a temporary spike or the start of a long-term uptrend.
The surge stems from an anticipation that the victory will encourage more firms to file for a BCH ETF. Notably, Bitcoin Cash is under Grayscale’s ‘Asset Under Consideration’ list that outlines the cryptos the firm has identified as likely candidates for inclusion in its investment product offerings.
Since Bitcoin Cash was developed as a fork of Bitcoin, its technology is similar, making it challenging for the SEC to find reasons for its rejection.
Moreover, Grayscale also has a BCH trust. This is often a bullish indicator as its support can lend credibility and attract more institutional investors for BCH.
Also, a tweet from Marius from BitcoinTAF claimed that it’s an excellent time to load up on various altcoins, including BCH.
BCH traded around $217 at press time, with support levels at $190-$195. If Bitcoin Cash can maintain its momentum, it might hit the key resistance at $240.
Additionally, the trading volumes for BCH shot up by over 250% in the past 24 hours. Increased buying volume at a resistance level like $240 would indicate strong bullish momentum, improving the likelihood of a breakout.
However, a dip below the support level of $190 could lead to a prolonged downtrend. Long-term prospects remain uncertain and depend mainly on broader market conditions.
While the price increase of Bitcoin, Bitcoin Cash, and other leading altcoins are dominating altcoins, several new altcoins are also pumping, with one particularly notable example being Wall Street Memes.
Wall Street Memes Also Bullish as it Prepares for IEO After Raising $25m
Wall Street Memes ($WSM) looks to be a token to watch as wider crypto prices turn green. This new community-focused meme coin has raised an incredible $25m over its 3-month presale, and is now set to be listed on tier-1 exchanges in September.
It’s from the same team behind the Wall St Bulls NFT collection, which sold out within half an hour. Investors can buy $WSM at a presale rate of $0.0337 USDT at the time of writing.
There is growing anticipation that this project could mirror the explosive growth seen in other meme coins like Pepe, with the likes of Michael Wrubel backing it to see big gains.
With over a million followers across social media, the token has a strong community presence- an essential part of any successful meme coin. Moreover, even prominent figures like Elon Musk have interacted with Wall Street Memes on Twitter. The platform has also organized a $50,000 airdrop to celebrate its launch and reward five lucky winners.
According to the Wall Street Memes whitepaper, the total supply of $WSM tokens is capped at 2 billion. Community is at the core of the token’s distribution plan: 50% is allocated for presale, 30% is set aside for community incentives, and the remaining 20% is reserved for exchange liquidity.
You can join the WSM Telegram channel to stay updated on the project.
Visit Wall Street Memes Presale
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