Bitcoin Reclaims $28k, Ferrari to Accept Crypto Payments

In a volatile start to the week, BTC (+3.71%) is trading above $28k while briefly touching $30k amid a false report that the SEC had approved Blackrock’s spot ETF, sparking over $40m in liquidations (see below). The SEC has officially failed to appeal the Grayscale lawsuit ruling, giving the court seven calendar days to issue its final mandate, which could include directing the SEC to approve the conversion of GBTC (+6.99%) into a spot ETF. Logically, investor attention appears more focused on Bitcoin as ETH (+1.82%) is relatively underperforming, and Bitcoin dominance sits above 51.5%, just under its 2023 peak. U.S. equity indices are also rising today, with the SPY and QQQ both up over 1% at the time of writing as Q3 earnings season is set to gear up this week.