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(BTC) rose above $30,000 on Oct. 20, indicating that the path of least resistance is to the upside. Grayscale Investments filing a new application with the United States Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF) may have acted as a bullish trigger.
In other positive news for the cryptocurrency space, the SEC sought to dismiss all claims against CEO Brad Garlinghouse and executive chair Chris Larsen. This will increase expectations that the regulator may slow down its attack on cryptocurrency entities following a string of recent setbacks.