$BTC sinks to a three-week low on interest rate fears, and grayscaleinvest's GBTC discount narrows following a favorable court hearing. LedesmaLyllah reports.
S&P 500 futures: 3,989.00 −0.0%Bitcoin fell to a three-week low Wednesday
as Federal Reserve Chairman Jerome Powell's hawkish testimony to the U.S. Senate Banking Committee on Tuesday spurred traders to price in a higher"terminal rate." Bitcointo $21,871 during Asian trading hours, a three-week low, and ether nearly tested Tuesday's low of $1,535.
Grayscale Bitcoin Trust's discount to the net asset value of the trust's shares has narrowed to 35%, the lowest level since Nov. 7, following what seemed to be a favorable court hearing on Tuesday for Grayscale Investments. The discount narrowed to just below 35% after the hearing where a panel of appeals court judges appeared to be skeptical about the U.S. Securities and Exchange Commission's arguments in rejecting Grayscale’s bid to convert the trust into an exchange-traded fund. The judges questioned the SEC's logic in distinguishing between bitcoin spot market prices and futures market prices.
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