Altcoin News by Thebittimes.Com

While Chris Dixon and a16z may have skewed the sales numbers of his recent book, Read Write Own , what hasn’t been given as much time in the spotlight is the book’s NFT offering. Paired with the newly minted web3-worshipping tome is a bookmark that contains a code allowing readers to redeem an NFT on OpenSea (one of the largest NFT marketplaces). The problem is no one seems to care. Of the 5,000 NFTs that are up for redemption only 5% — or 264 — have been redeemed by readers. It’s difficult to match this with the fact that Read Write Own landed at number nine on the New York Times Best Seller list. To achieve such a prestigious status there’s no doubt that Dixon and a16z moved thousands and thousands of copies, physically, through ebook readers, and via audiobook applications. So, why isn’t anyone interested in the NFT ? It’s hard to say since exact numbers on who purchased the Book s are unattainable, but there are at least two likely reasons. Firstly, bulk sales were ...

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...