10/16 update below. This post was originally published on October 15

Bitcoin BTC , along with other major cryptocurrencies—including ethereum and XRP XRP —have been rocked by the "cataclysmic" U.S. fiscal situation this year that could be about to get a lot worse.

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The bitcoin price has struggled this year amid a growing U.S. "war" on crypto, though a looming $17.7 trillion earthquake could be about to hit the bitcoin, ethereum, XRP and crypto market.

Now, as the U.S. dollar teeters on the verge of "collapse," Wall Street giants including the world's largest asset manager BlackRock have been given a tacit "green light" to "revolutionize finance" with bitcoin and crypto.

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On Friday, Reuters reported the U.S. Securities and Exchange Commission (SEC) will not appeal a recent court ruling that found it was wrong to reject an application from crypto asset manager Grayscale to create a spot bitcoin exchange-traded fund (ETF), citing an anonymous source.

In August, a U.S. court ruled the SEC was wrong to reject Grayscale's proposed bitcoin ETF, finding the SEC's argument that the bitcoin market can be manipulated is flawed because the agency has previously approved bitcoin futures-based ETFs with fraud prevention measures.

"This lack of appeal from the SEC is undoubtedly a key moment for the crypto industry, and given the pressure the SEC has faced from the courts and the U.S. House financial services committee, it is a question of when, not if, this approval gets the green light," Philippe Bekhazi, the chief executive of crypto market maker XBTO, said in emailed comments.

10/16 update: The bitcoin price has shot higher along with gold, climbing as fears mount among traders that the war between Israel and Hamas could widen to other countries in the region, pushing investors toward so-called safe-haven assets such as gold. The bitcoin price has rallied almost 4% over the last 24 hours, breaking above $28,000 per bitcoin before dropping back and pushing the wider crypto market higher, including ethereum and XRP.

"Bitcoin fell towards $26,500 last week, but a more intense sell-off was avoided. At the start of the new week, this ability of the crypto market not to collapse into an uncontrolled sell-off caused a surge of buyer interest," Alex Kuptsikevich, FxPro senior market analyst, wrote in an emailed note.

"As a result, the price quickly jumped to $28,000—in the region of last week's highs. From above, Bitcoin was subjected to a sell-off on the rise to its 200-week average and 200-day average but received new buyers on a dip to its 50-day average last week. Now, all eyes are on the ability to develop gains on rallies above $28,000. Bitcoin seems to be sandwiched between two important moving averages. Our eyes are now on its momentum near those curves, and we are closely watching the behavior near $28,000."

Alongside Greyscale, asset managers that look after a combined $17.7 trillion on behalf of clients such as BlackRock, Fidelity and Invesco have filed for spot bitcoin ETFs, with the SEC facing a deadline of early next year to approve or deny them.

"When this happens, it will open up new possibilities for a number of sovereign, pension funds, IRAs and 401k as well as other institutions who, before this point, may not have had access to digital asset investment opportunities," Bekhazi said.

"It's quite possible we will see this approval come through in the first quarter of next year, once the regulator completes their full assessment. From there, it’s likely we’ll see a number of other applications get approved in 2024, which will be a positive step forward for the institutional adoption of crypto."

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Earlier this year, BlackRock's legendary chief executive Larry Fink, who shocked the world when he announced a surprise crypto flip, said he expects bitcoin and crypto to "transcend" traditional currencies, including the U.S. dollar, thanks to Wall Street adoption.

"Importantly, because it’s so international, [crypto is] going to transcend any one currency in currency valuation," Fink said.

Earlier, he said bitcoin and crypto could "revolutionize finance" in a dramatic reversal from his previous position of bitcoin being nothing more than an "index of money laundering," told CNBC.