Crypto blogger Lark Davis published post, sharing his thoughts on best and worst times to buy cryptocurrencies
that he expects the price of Bitcoin to surge once a BTC spot ETF is launched. Here he likened Bitcoin to gold, sharing a gold price chart and stating that when the first gold spot exchange-traded fund was launched in 2004, the price of the precious metal began to go up from $400 per ounce, eventually reaching a historic peak of $1,939 in 2011, taking seven years to hit that all-time high.
On Aug. 29, the leading global digital currency, Bitcoin, managed to recover the $28,000 price level in the wake of the news of Grayscale's victory in court over the Securities and Exchange Commission regarding the filing submitted by the former about converting its Bitcoin Trust into a Bitcoin ETF. The SEC first rejected it, but then, to the great surprise of the community, Grayscale led by CEO Michael Sonnenshein sued the regulator last year.
The court ruling was announced last week; Grayscale won, and now the SEC will have to consider the application about the Bitcoin ETF, treating it seriously. That was the second consecutive victory of a crypto company over the regulator. Prior to that, Ripple Labs scored a win against it as Judge Analisa Torres ruled that XRP sales on the secondary market did not qualify as securities offerings.
However, the crypto community's delight about Grayscale's victory did not last long; within a week after that, Bitcoin's price slipped back to the $27,000 level and then continued down below $26,000.
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