Fun

News Feed - 2023-10-16 12:10:04

Brayden Lindrea5 hours agoGrayscale GBTC discount falls to 16% as markets bet on Bitcoin ETF approvalSome analysts say GBTC’s discount is narrowing because investors are pricing in the SEC’s approval on several pending spot Bitcoin ETF applications.4726 Total views26 Total sharesListen to article 0:00NewsJoin us on social networksGrayscale’s Bitcoin (BTC) investment vehicle, Grayscale Bitcoin Trust (GBTC), is trading at its lowest discount in nearly two years as spot Bitcoin exchange-traded funds (ETFs) continue to inch toward potential approval in the United States.


The latest data from YCharts shows GBTC’s discount to Bitcoin’s net asset value (NAV) has narrowed to 15.87% as of Oct. 13.


Discount to NAV is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading from its true value.


Data shows that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow.GBTC’s Discount to NAV chart over the last 12 months. Source: YCharts


The last time GBTC’s discount was at a similar level was in early December 2021 — only a month after BTC hit its all-time high price of $69,000 on Nov. 10, according to CoinGecko.


Bitcoin advocate Oliver Velez believes the market is pricing in spot Bitcoin ETF approval by year’s end.


Other analysts, such as cryptocurrency investor Lyle Pratt, believe GBTC’s discount will continue to “evaporate” over the next week or two as spot Bitcoin ETFs near approval.THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL.

Grayscale"s Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%… pic.twitter.com/2nWLmvnewb— The Wolf Of All Streets (@scottmelker) October 13, 2023


Reports emerged that the United States Securities and Exchange Commission wouldn’t appeal the Grayscale decision on Oct. 13, leading to Bloomberg ETF analyst James Seyffart referring to spot Bitcoin ETF approvals as a “done deal” in an Oct. 13 post.


Related:ETF filings changed the Bitcoin narrative overnight — Ledger CEO


On Oct. 15, Grayscale reportedly delivered a statement noting that the SEC’s 45-day period to seek a rehearing had passed, meaning the court would issue its “final mandate” within seven calendar days.


“The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval, and we look forward to sharing more information as soon as practicable,” the company reportedly said.NEW: Statement from @Grayscale on the @SECGov’s decision to not seek a rehearing:

“The Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed. The Court will now issue its final mandate within seven calendar days. The Grayscale team remains…— Eleanor Terrett (@EleanorTerrett) October 15, 2023


Cointelegraph reached out to Grayscale for comment but did not receive an immediate response.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Bitcoin# Business# SEC# ETF# Adoption# GBTC# Court# GrayscaleAdd reactionAdd reactionRead moreWho invented NFTs?: A brief history of nonfungible tokensMeet the guerilla artist who staged a crypto ‘rug pull’ in front of the SECThe economy is surging — which means it might be time to start buying Bitcoin

News Feed

Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4%
Binance-Backed BNB Smart Chain Paused Over Potential Multi-Million Dollar Exploit, Token Slides 4% On Thursday, 6:19 p.m. (ET), the official Twitter account for the Bnb Smart Chain
Price analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Rakesh Upadhyay3 hours agoPrice analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADAThe S&P 500 Index is extending its recovery, boosting buying in Bitcoin and select altcoins in the near term.930 Total v
Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January
Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January The average transaction fee on the Ethereum network has dropped to the lowest level in fo
Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately
Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately Tesla CEO and Twitter boss Elon Musk has warned of a severe recession in the U.S. The billio
Bitcoin traders forecast ‘splendid’ bullish price action now that BTC is above $65K
Nancy Lubale2 hours agoBitcoin traders forecast ‘splendid’ bullish price action now that BTC is above $65KMultiple Bitcoin price metrics point to an incredibly bullish “post-halving growth trajectory.”1806 Total
Argentine Senate Mulls Crypto Advertisement Regulation
Argentine Senate Mulls Crypto Advertisement Regulation The Argentine senate is discussing a preliminary project that would regulate the way in which individuals and organizations p
After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice
After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice Beleaguered crypto exchange, Binance, has released a statement in which it den
Amaka Nwaokocha1 hour agoAI systems used in deadly military operations in Israel: ReportThe IDF has reportedly extensively deployed AI to establish itself as a global leader in autonomous weaponry.565 Total views14 Total
Biggest Movers: DOT Remains Near Multi-Month High, as LINK Hits 9-Day High
Biggest Movers: DOT Remains Near Multi-Month High, as LINK Hits 9-Day High Polkadot remained close to its highest level since September, as bullish sentiment rose to start the week
Robert Kiyosaki Explains Why He Buys Bitcoin Citing Pension Funds and Inflation
Robert Kiyosaki Explains Why He Buys Bitcoin Citing Pension Funds and Inflation The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has explained why he
Memecoins are like a ‘risky casino’ — Andreessen Horowitz exec
Prashant Jha11 hours agoMemecoins are like a ‘risky casino’ — Andreessen Horowitz execThe chief technology officer of VC firm Andreessen Horowitz said that memecoins are like risky casinos that deter real builders
Brayden Lindrea5 hours agoCrypto-friendly Patrick McHenry takes interim House Speaker positionEight Republicans voted against Republican Representative McCarthy, making it the first time in U.S. history that the House Sp