Bitcoin (BTC) pulled back from yesterday's high above $28,000 following Grayscale's win in its case against the US Securities and Exchange Commission (SEC). The largest cryptocurrency by market capitalization has lost 2% over the past 24 hours, falling to $27,240. Ether (ETH) is down 1.7% and is hovering just above $1,700.

- Overall, the crypto market followed the lead two assets, with the CoinDesk Market Index down 2.4%.

- Among the large altcoins, ADA Cardano, SOL Solana and MATIC Polygon showed the greatest decline, losing about 4% per day.

- Yesterday, a federal appeals court ordered the SEC to reconsider Grayscale's refusal to convert its $14 billion Grayscale Bitcoin Trust (GBTC) into a Bitcoin trading fund (ETF).

- Experts consider the court's decision a breakthrough that could pave the way for the creation of Bitcoin ETFs in the future.

“However, yesterday's decision does not automatically guarantee approval of Grayscale's or any other company's application.