NFT Sales Spike 25 % After The SEC Failed To Appeal Loss In Grayscale ETF Case

Updated: 14 October 2023

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The global non-fungible token market has reacted sharply today after the United States Securities and Exchange Commission “SEC” failed to appeal a court’s scathing reversal of its decision not to let Grayscale convert its bitcoin trust into a more investor-friendly exchange-traded fund.

NFT Sales Pump 25% In The Past 24 Hours

Data compiled by CryptoSlam.io, an on-chain data aggregator, indicates the global non-fungible token market is up 25% today. In the past 24 hours, the NFT market has attracted a trading sales volume of $9.6 million. The number of investors buying NFT right now has also pumped 6%.

In light of the bullish news, non-fungible token collections hosted on the Ethereum network have pumped slightly today. In the past 24 hours, Ethereum-based NFTs have attracted a trading sales volume of $5.7 million, representing a 45.32% spike from the previous day.

Digital collectibles hosted on Mythos Chain and Solana blockchains have slightly pumped today. In the past 24 hours, Mythos Chain and Solana-based NFTs have recorded a trading sales volume of $1.2 million and $1 million. Mythos Chain NFTs are up 4.21%, while Solana is up 22.57%.

Bitcoin Price Pump 55% In The Past 24 Hrs

The flagship crypto, Bitcoin, has also reacted sharply today after the news came out. In the past 24 hours, the largest digital asset in market capitalization has pumped 55% from the previous day. After a short rally, the digital asset “Bitcoin” now consolidates around $26,919.

The crypto market regulatory commission had until midnight Friday to decide on challenging the initial court’s decision, but the commission deliberately let that set deadline come and go without appealing its case, signaling its satisfaction with the previous ruling.

Earlier last year, Grayscale, the American digital currency asset management company that manages one the world’s largest crypto funds, applied to the United States Securities and Exchange Commission to convert its bitcoin trust into a more investor-friendly exchange-traded fund “ETF.”

Grayscale Vs. SEC Legal Fight

In June 2022, the crypto asset management firm filed a lawsuit after the regulatory commission rejected its proposed bitcoin ETF without explaining its reasoning. In August 2023, A three-judge panel of the District of Columbia Court of Appeals in Washington ruled that the SEC was wrong to reject Grayscale’s proposed bitcoin ETF. Circuit Judge Neomi Rao remarked:

“The United States Securities and Exchange Commission recently approved the trading of two bitcoin futures funds on national exchanges but denied approval of Grayscale’s bitcoin fund. It was invalid and capricious rejection and must be reviewed.”

In the meantime, it’s uncertain whether the United States Securities and Exchange Commission will move ahead and approve the grayscale ETF. The Grayscale ETF approval has significant merits in the crypto market as it will reflect the future of crypto. Since crypto and NFTs are somewhat related, the approval will also dramatically influence the NFT market.