Altcoin News by Thebittimes.Com

The world’s largest bitcoin fund, Grayscale’s GBTC, was once a Pacman-like entity, insatiably hoovering up bitcoin. When GBTC was a trust trading on OTC Markets, it had no mechanism for retail investors to sell any of its bitcoin holdings. For a full decade , GBTC gradually acquired more and more bitcoin , cresting a staggering net asset value of $30 billion earlier this month. Then on January 10, everything changed when the SEC approved GBTC ’s conversion into an ETF.  For the first time in history, GBTC began systematically selling bitcoin.  What’s more, it wasn’t the choice of any Grayscale trader to sell; selling was a requirement . As an ETF fund manager, Grayscale must ensure that GBTC’s share price tracks the price of bitcoin. Of course, that price tracking requires selling and buying bitcoin every day to ensure that GBTC’s quantity of bitcoin in custody matches bitcoin’s fluctuating price and corresponding GBTC share price. One week ago — literally, over...

Standard Chartered forecasts $200K Bitcoin by late 2025, banking on ETF approval. Grayscale’s GBTC outpaces 99% of ETFs, trading close to half a billion dollars. Meme Moguls, a meme-backed stock market, enters the crypto space with presale buzz. As the crypto world buzzes with anticipation over the potential approval of spot Bitcoin ETFs in the US, major players are making bold predictions. Standard Chartered forecasts a staggering $200,000 target for Bitcoin by late 2025, contingent on ETF approval. Simultaneously, Grayscale ’s Bitcoin Trust (GBTC) is making waves, outpacing the majority of ETFs in trading volume. Amidst this, a new player, Meme Moguls, is poised to capitalize on the ETF momentum. Standard Chartered’s $200K Bitcoin projection with ETF approval Standard Chartered, a banking giant, has made a striking projection for Bitcoin’s future. The multinational firm predicts a potential surge to nearly $200,000 by late 2025, ri...

The gap between Bitcoin’s price and GBTC shares has narrow ed after the SEC rejected Grayscale’s application to convert its trust into an exchange-traded fund (ETF). In the last year, many investors reportedly profited from the anticipation that the U.S. Securities and Exchange Commission (SEC) would greenlight a product directly pegged to the value of Bitcoin (BTC). However, after a U.S. Court of Appeals mandated the SEC to reassess its refusal to greenlight Grayscale Bitcoin Trust’s (GBTC) application to transform into an ETF, the discount on GBTC shares to the value of the underlying Bitcoin slimmed down to approximately 17%, according to the Wall Street Journal. GBTC, which manages $16.1 billion in assets, provides investors with exposure to Bitcoin as a security. Each share represents ownership of a fraction of Bitcoin, equal to 0.00090040 of a complete coin, which was priced at $24.49 at the market’s inception. According to analysts, Bitcoin’s mini-surge this year and the ...

Also Read: XRP And Cardano Records Buying Amid Largest Crypto Funds Outflow advertisement A spot ETF would essentially allow investors to gain exposure to Bitcoin indirectly, as against directly buying the cryptocurrency on a crypto exchange. Grayscale Spot Bitcoin ETF: Towards Approval With the judgment, the judge cleared the way for approval of the Grayscale spot Bitcoin ETF. The Court’s judgment stated: “It is ordered and adjudged that Grayscale’s petition for review be granted and the Commission’s order be vacated, in accordance with the opinion of the court filed.” Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Trading Bots List 2023 Must Read ...