.PeterSchiff says Grayscale was 'one of the main reasons' behind Bitcoin rally to almost $70,000, and here's why
to get retail investors to pay huge premiums to NAV. Then it issued new shares to institutions at NAV, using the proceeds to buy more Bitcoin, pushing the price even higher.Technically, the economist is not correct; by issuing more shares, Grayscale was able to raise more capital that it successfully used to buy as much Bitcoin on the market as possible. Unfortunately, it has played a cruel joke on GBTC holders.
Due to the imbalance between the total number of shares and the net asset value of the trust, GBTC tumbled to sell at a discount and started to underperform drastically against the spot asset, making Grayscale's fund a questionable way of exposing oneself to the
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin tumbles to fresh lows and Grayscale trust discount worsens as Genesis denies imminent bankruptcyBitcoin traders were spooked by a report that digital-asset brokerage Genesis told investors it might need to file for bankruptcy if it can't raise money.
Read more »
Bernstein: Grayscale Bitcoin Trust Is Protected From Fallout at Sibling Company Genesis Global.BernsteinBuzz says if GenesisTrading has to file for bankruptcy, creditors have no claim on the assets of Grayscale's GBTC as it is ring-fenced from failures within parent company DCGco or DCG group entities. BernsteinGautam By willcanny99
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Below $16,000 Amid Increased Market Volatility – Market Updates Bitcoin NewsBitcoin slipped below $16,000 on Nov. 21, as markets continued to react to the news that the FTX contagion had impacted yet another firm.
Read more »
'FTX Accounts Drainer' Offloads 50,000 ETH, Entity Uses Ren’s Bitcoin Gateway to Acquire BTC – Bitcoin NewsOn Nov. 20, the wallet known as “FTX Accounts Drainer” transferred roughly 50,000 ethereum out of the wallet.
Read more »
Billion-Dollar Crypto Fund Grayscale Refuses to Post Proof-of-Reserves – Next Firm to Collapse?Crypto investment firm Grayscale has refused to share its proof-of-reserves citing 'security concerns.' The move has stirred up speculations about the financial health of the company. In a Saturday tweet, the company said major cryptocurrency exchange Coinbase, which is used by Grayscale as...
Read more »
Binance CEO: We Don't See a Viable Business in India – Exchanges Bitcoin NewsBinance's CEO says India is currently not a viable business environment for his cryptocurrency exchange, citing a strict tax regime on crypto. bitcoin CZ
Read more »