Despite recent favourable court decisions pertaining to cryptocurrencies, Bitcoin has had difficulty outperforming its record high performance from last summer.
According to U.Today, a prominent cryptocurrency asset management named Grayscale recently defeated the U.S. Securities and Exchange Commission (SEC) in a historic case.
Especially in light of a recent favourable finding in the Ripple case, this decision was eagerly awaited.
Nevertheless, despite these court victory, Bitcoin has unable to surpass its earlier peaks.
Investors and experts are wondering what it will take for the digital currency to break new territory in light of its failure to maintain current run.
The cryptocurrency quickly reached $28,000 following the verdict, according to statistics from CoinGecko, but it has since dropped to $27,452.67 as of the most recent data.
Before the decision, observers of the sector were optimistic, with some anticipating a larger price increase. “I thought Bitcoin would experience a 10-15% green candle with a great court ruling,” said John Deaton, a lawyer who supports Ripple and XRP.
It is unclear whether recent advancements in the crypto ETF market would raise the price.
