With Grayscale suing the SEC, how will Dogecoin price and crypto markets react?

• Dogecoin price is getting squeezed between the 8-day and 34-day EMAs indicating a  volatile move is on the way.
• A 20% upswing to $0.082 seems likely for DOGE if bulls take control of the said breakout.
• Grayscale announced earlier today that it has filed a lawsuit against the SEC for denying a spot Bitcoin ETF listing.

Dogecoin price witnessed a massive bounce last week but recently pulled back due to the market condition. Since then, DOGE is trying to find a stable footing for the next leg-up. On the other side of the ecosystem, Grayscale, a popular institutional investment company and a digital currency asset manager has filed a lawsuit against the Securities and Exchange Commission (SEC) for denying the conversion of Grayscale Bitcoin Trust to a spot Bitcoin ETF.

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Grayscale puts SEC on the stand

As of June 30, Michael Sonnenshein, the CEO of Grayscale announced that they have sued the SEC for denying Bitcoin ETF applications. This development comes after the regulators denied the company’s application to convert their trust into spot Bitcoin ETF.

Additionally, the SEC has also pushed back on multiple ETF filings over the last few years citing concerns like market manipulation, lack of liquidity and so on. 

As a result, Grayscale filed a lawsuit against the SEC with the U.S. Court of Appeals in Washington DC to review the SEC’s order. The case also claims that the regulator violated the Administrative Procedure Act and Securities Exchange Act.

In a recent annnouncement, Grayscale stated that it,

believes in the SEC’s mandate to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation — and we are deeply disappointed by and vehemently disagree with the SEC’s decision to continue to deny spot Bitcoin ETFs from coming to the U.S. market

Despite this move from a crypto company, the markets’ reaction remained muued . Bitcoin price is still hovering directionless around the $20,000…