Bitcoin jumps seven per cent as US court rules in favour of Grayscale ETF

ISTANBUL - Bitcoin jumped more than seven per cent Tuesday after a US court ruled in favour of cryptocurrency investment firm Grayscale's exchange-traded fund (ETF), reported Anadolu.

The price of Bitcoin climbed to as high as US$28,040 at 1.10 pm EDT for a 7.3 per cent daily gain after closing the previous day at US$26,121.

Ethereum, the world's biggest altcoin by market value, also rose 5.4 per cent to as much as US$1,743 after closing Monday at US$1,653.

Some altcoins saw their prices soar around 10 per cent in the past 24 hours, according to data from the digital asset price-tracking website, CoinMarketCap.

The total value of the crypto market was up five per cent to US$1.11 trillion at 1.56 pm EDT, the data showed.

The US Court of Appeals for the D.C. Circuit decided against the US Securities and Exchange Commission, which had rejected last year Grayscale's application to convert its Bitcoin Trust to an ETF, reported Anadolu. - BERNAMA