Bitcoin and other cryptocurrencies soared on 29 August after crypto asset manager Grayscale Investments won a key court decision that likely clinches approval of a spot bitcoin exchange-traded fund — a long-awaited catalyst for digital assets.

The price of bitcoin jumped 5% over the past 24 hours to around $27,500, having previously traded around $26,000, after a federal court ruled in favour of Grayscale in a case against the Securities and Exchange Commission.