Category: Cryptocurrency News

Grayscale Bitcoin Trust (GBTC) remains the largest bitcoin trust in the world with billions of dollars worth of BTC, but in the last year, the trust has had a hard time keeping up with the market. The result of this has been a large premium that has continued to widen through the bear market. Currently, the GBTC is trading at a record-high premium, which has sparked speculations of a potential BTC sell-off in the pipeline. GBTC Nears 50% Premium The month of November was fraught with adversity for the crypto space and this is mirrored by the GBTC premium. It shows a near-steady increase in the discount or premium to NAV which has carried on into the month of December. On Dec. 7, the GBTC premium to NAV saw one of its largest jumps when it move from 43.61% on Dec. 6 to 47.27% on Dec. 7. This has brought the premium to new all-time highs and even though the following days did not see as large of an increase, a near 1% increase each day saw the GBTC close out last week at a premium to NAV of 48.62%. Related Reading: Inconsistent Metrics Indicate Further Struggle For SUSHI – Colder Winter Ahead? Now, what this means is that the price of ‘one BTC’ is trading for 48.62% lower on the GBTC than it is on the spot market. Normally, this would present as an opportunity to buy for cheap but GBTC investors are not buying any actual bitcoin, and with the issues that Grayscale’s parent company, DCG, has been facing, it has become increasingly obvious to investors that the fund may be headed for trouble. Will This Lead To Bitcoin Sell-Off? The GBTC currently holds more than 640,000 BTC worth around $11 billion at today’s prices. As such, the speculations about a potential collapse do not stem from concerns about Grayscale itself but about its parent DCG company. DCG is reportedly in a $2 billion debt, most of which stems from Genesis Trading which had limited withdrawals a few weeks ago, and Eldridge. Rumors circulating on the interwebs are that DCG actually GBTC shares to collateralize its loan from Genesis, which makes up the large majority of its loan. GBTC share price at $8.01 | Source: Grayscale Bitcoin Trust (BTC) on TradingView.com On a recent episode of ‘The Chopping Block’, Haseeb Qureshi, Managing Partner at Dragonfly Capital, said that the $1.1 billion promissory note to Genesis could be “callable. What this means is that if Genesis were to be liquidated or go into bankruptcy, then DCG would be required to pay the total value of the loan. The problem is that DCG does not have the needed amount to honor it if this does happen. Subsequently, DCG could look towards GBTC for a bailout if this were to happen. Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC – Scenarios To Prepare For This Week Nevertheless, the GBTC continues to hold up through adversity. Coinbase has previously publicly stated that it holds all of GBTC’s bitcoin in its custody service, and if prices were to start recovering from here, then the premium to NAV could begin to close. 

The crypto exchange says the overall number of enquiries is up 66%, with the United States producing the most by far; the U.S., and three European countries made 80% of all requests.

Crypto investor sentiment saw a slight upswing, but the potential of a deep liquidity crisis in the sector could keep investors at bay.

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The Solana price slid more than 3% over the last 24 hours and landed in the red. The price of the asset has been consolidating over the past few weeks. SOL has been struggling to get past its immediate resistance mark, which is further fueling the coin’s downslide. In the last week, the altcoin depreciated by over 4%. The bulls tired out the moment Solana attempted to breach the $14 price mark. The technical outlook suggests that sellers have taken over the price action in the market. After a brief bullish run up to the $13.98 mark, this could be the coin correcting again. The coin, however, lacked any bullish reversal signs on its daily chart. The only way for SOL to register some gains would be if the altcoin overturned the $15 price ceiling as a support level. Solana has also been trading in a descending trendline, overruling the chance of a price reversal at the moment. A breakout from the descending trendline looks difficult, as buying interest was bleak on the chart. Bears can only be invalidated if SOL moves above the $29 resistance line. The market capitalization of the asset had also declined at press time, indicating bearishness for the altcoin. Related Reading: Chiliz (CHZ) Down 19% In Last 7 Days – No Fireworks Ahead Of Christmas? Solana Price Analysis: One-Day Chart SOL was trading at $13.19 at the time of writing. Ever since SOL lost the $15 price floor, it has been a free-fall for the asset. Immediate resistance for SOL stood at $14 and then at $15. Breaching the $15 mark looks unlikely as long as the coin remains consolidated. However, continued lateral price movement can push the Solana price to a fresh low on the chart. If the coin loses its $13 support, it will fall straight to $10. The inability to remain above the $10 price level can also drag the altcoin to $4, which means a 70% downfall for the altcoin. The amount of Solana traded in the last session was low, indicating bearish movement. Technical Analysis The altcoin recently visited the oversold zone in the last month. The recovery from that point has not been substantial, as for the most part of December, the altcoin was under the grasp of the sellers. The Relative Strength Index dipped below 40, confirming selling strength on the chart. Similarly, the Solana price was below the 20-Simple Moving Average line, indicating low demand for the altcoin. It also meant that the sellers were driving the price momentum in the market. Other technical indicators pointed at a buy signal for the coin, albeit one that is declining. The Moving Average Convergence Divergence demonstrates price trends and momentum. MACD depicted declining green signal bars, which were tied to the buy signal. Buyers would not act on it given how the signals were declining in size. Bollinger bands that display volatility remained constricted, denoting a tight trading range for the coin and the possibility of a price breakout. With indicators siding with the bears, the breakout could likely be on the downside. Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC – Scenarios To Prepare For This Week

Decentralized Recovery and Custody is the key element needed to propel web3 into the mainstream. Dr Leemon Baird's solution (cofounder of Hedera & inventor of Hashgraph) will benefit the whole DLT industry. Keeping private keys safe has to be made incredibly easy. DeRec is the answer (1:56) submitted by /u/CoinmanTheBarHBARian [link] [comments]

According to the mining firm, “inadvertently published materials” led to the suspension of trading of Argo Blockchain on the London Stock Exchange and Nasdaq on Dec. 9.