Altcoins were also trading with modest gains

Bitcoin and other crypto currencies were trading with modest gains in the early week on Monday as way cleared for the Bitcoin exchange-traded fund (ETF) in the US. The US SEC will not appeal the court’s reversal of its decision not to let Grayscale convert its bitcoin trust into an ETF.

Bitcoin climbed more than 1% as the world’s biggest crypto currency managed to recuperate the 27,000 mark. Nevertheless, its largest peer, Ethereum, was also in green but edged up only 0.5% to hold above the $1,550 mark. Altcoins were also trading with modest gains in the early morning.

Bitcoin has been trading near the $27,000 level after the SEC’s decision not to challenge a recent court ruling that favoured Grayscale Investments. The court’s verdict requires the SEC to undertake a review of Grayscale’s ETF application, said Edul Patel, Co-Founder & CEO at Mudrex.

Market participants are now cautiously hopeful for potential approval of Bitcoin’s spot ETF applications by the Securities and Exchange Commission, resulting in a slightly positive sentiment. Bitcoin will now need to breach the $27,400 mark or find support near $26,900. In the meantime, Ethereum continues to trade near $1,500, he said.

Apart from a few exceptions, most of the leading crypto currencies were up on Monday. Tron and BNB added 2% each, while Chainlink climbed more than 1% each. Solana and Litecoin were among the other key gainers in the morning. Polygon and Dogecoin were among the key gainers for the day.

The global crypto currency market capitalisation was significantly up, climbing to $1.06 trillion-mark, as it dropped around 1% during the last 24 hours. However, the total trading volumes soared 38% to $19.4 billion.