How is GrayScale Bitcoin trust? The cost of the Grayscale Bitcoin Trust Fund reached 42.7%. While the negative Ethereum Fund fell to 40.12%.
The collapse of FTX, a cryptocurrency exchange, has left a huge impact on the global digital market. Many crypto exchanges and lending platforms are affected by this debacle. However, this wildfire has reached the largest cryptocurrency in the world.
Grayscale Bitcoin Trust Trade in Negative Prime
According to the data, the negative income of Grayscale Bitcoin Trust Fund (GBTC) reached 42.7%. While the negative Ethereum Fund fell to 40.12%. Both trust funds hit the big time. Reports suggest that GBTC, which holds 3.5% of global Bitcoin, has fallen in value as investors look to cash in on the market following the recent FTX crash. However, Grayscale said it was not affected by Genesis’ failure to assist DCG. The decline in the main indices that investors trust has seen an 83% loss since Bitcoin’s price reached its all-time high (ATH) in November. Bitcoin price has fallen 65% year-to-date (YTD). Bitcoin is trading at an average price of $16,748, at the time of reporting. The total market capitalization of BTC is currently $321.7 billion. Is this a warning for crypto investors?
According to experts, investor confidence in cryptocurrency has been reduced by the implosion of FTX. The global market value of digital assets has fallen below the important $1 trillion mark due to recent events.
Investors in Greyscale appeared nervous on Wednesday after crypto lending platform Genesis suspended operations. Genesis reportedly made more than $50 billion in loans last year. However, its lending arm has been hit hard by the collapse of Three Arrows Capital. Genesis and Grayscale are subsidiaries of Digital Currency Group. Genesis acts as an authorized member of the GBTC. He has been responsible for providing updates for Grayscale security for the past month.
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