Bitcoin stays within range, GBTC discount shrinks to -31% level


Macroeconomics and financial markets

On the 27th, the Dow Jones Industrial Average rose by $212 (0.6%) from the previous day, rising 7 business days amid growing speculation of further rate hikes by the Federal Reserve (Fed) and fears of a worsening economy. Backlash for the first time in days. The Nasdaq Index closed 219 points (1.65%) higher.

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Virtual currency market

In the crypto asset (virtual currency) market, the Bitcoin price rose 0.1% from the previous day to 1 BTC = $ 30,427.

BTC/USD daily

It rebounded after touching the resistance line of $31,000 again.

The Block reports that Fidelity is preparing to apply for a Bitcoin exchange-traded fund (ETF).

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It follows the physical Bitcoin ETF filings by major asset managers including BlackRock, WisdomTree, Invesco and Bitwise. Fidelity’s ETF application was previously rejected by the US SEC.

The global giant HSBC Hong Kong has also started offering its clients Bitcoin and Ethereum (ETH) futures ETFs based on CME (Chicago Mercantile Exchange) futures.

According to Meltem Demirors (@Melt_Dem), Chief Strategy Officer at CoinShares, many of the largest US financial institutions are working to provide investment opportunities in things like Bitcoin, with an estimated $27 trillion in assets under custody. There is a view that if even a small part of this is inflow, it will have a large impact.

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The recent changes in the situation have also affected the price of Grayscale Bitcoin Trust (GBTC), a grayscale mutual fund.

GBTC closes at $19.47, a year-to-date high. The discount to the market price (negative divergence) also shrunk to -31.3%. The low 30% range is the level since September last year.


On the other hand, Mike McGlone, senior macro strategist at Bloomberg, said on the 23rd, “If the US recession (recession) occurs, risk assets such as the stock market will inevitably be bearish, and crypto assets (virtual currencies) are no exception. No,” he said cautiously.

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