The cryptocurrency market digest (BTC). Overview for 30.08.2023

The BTC exchange rate climbed to 27,434 USD on Wednesday. The daily gain was 5.26%.

The cryptocurrency’s value started appreciating last night after the market heard about Grayscale’s victory in court. The judicial authorities ruled in favour of Grayscale in the company’s case against the US Securities and Exchange Commission (SEC). The lawsuit was filed in October 2021 and concerned the SEC’s repeated refusals to acknowledge Grayscale’s trusts as fully-fledged ETFs.

The Grayscale victory could serve as the long-awaited trigger for the cryptocurrency industry. The bitcoin-ETF matter had temporarily faded into the background because investors had grown pessimistic about a positive resolution.

The BlackRock fund awaits a decision on its ETF, expected this Friday.

So far, BTC has not used the support at 25,150 USD, which is a good sign.

The majority of altcoins followed BTC’s trajectory. The price of ETH increased by 4.12%, BNB rose by 3.23%, and SOL and TON also demonstrated growth, rising by 5.63% and 12.08%, respectively.

The cryptocurrency market capitalisation has increased to USD 1.09 trillion. The share of BTC rose to 48.8%, while the share of ETH remains at 18.9%.

“X” has been granted a licence for crypto payments

The X company (Twitter) has obtained a licence to conduct payments in cryptocurrency in the US. The document is necessary for providing digital asset-related services. Elon Musk is determined to transform the social network into an “app for everything” and is making rapid progress in this regard.

Losses incurred by mining companies exceed 4 billion USD

The mining industry is facing a challenging phase. According to Finbold, the combined losses of the industry’s 16 largest companies amount to a minimum of 4.47 billion USD. These losses have accumulated over the last twelve months.