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GBTC Rises 10% as Discount Falls and Thailand Implements Pro-Crypto Legislation

Mar 7, 2023
Market Update Crypto and traditional markets whipsawed this morning as Jerome Powell spoke and stated that the Federal Reserve would likely need to raise interest rates more than expected in response to recent strong data. Powell's comments led to a quick repricing in the bond markets. The probability that the Fed would approve a 50bps increase at its upcoming March meeting increased from 31% to 51%. $BTC and $ETH are down 0.71% and 0.87% today, and SPX and NDQ are down 1.03% and 0.75% today, respectively. An interesting development has been Grayscale's $GBTC, which has risen 10% today as its discount to Bitcoin decreased to 35%. This comes as Grayscale goes to court against the SEC, appealing the SEC's decision to deny converting the Grayscale Trust into a spot bitcoin ETF. Grayscale's argument is that the SEC acted arbitrarily in rejecting spot bitcoin ETFs when it had previously approved bitcoin futures ETFs. Grayscales lead counsel, Donald Verrilli Jr., stated, "The most basic way in which an agency can act in an arbitrary and capricious manner is to take like cases ... and treat them differently, and essentially, that's what we have here."Crypto exchange, Bybit, is launching a new debit card that will allow users to make payments and withdraw cash using crypto holdings. The

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