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