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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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CRYPTO MARKET UPDATE AFTER ANOTHER DAY OF SIZEABLE OUTFLOWS FROM ETHE 4.58% , THE GRAYSCALE-ISSUED ETF NOW RETAINS JUST 85% OF THE AUM IT BEGAN WITH ON TUESDAY. However, crypto has rallied strongly since the US market closed yesterday, with BTC -0.08% briefly moving above the $68k level, ETH -0.75% rebounding sharply to $3,250, and SOL -0.96% revisiting $184. Among larger-cap tokens, SOL beta names including RNDR and JUP have outperformed over the past 24...

BTC -0.08% CFX 4.12% ETH -0.75% GBTC +4.88% IBIT JUP -8.65% RNDR -3.51% SOL -0.96%
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CRYPTO MARKET UPDATE CRYPTO WAS CERTAINLY LOOKING STRONG RELATIVE TO EQUITIES YESTERDAY UNTIL ASIAN MARKET HOURS COMMENCED. Shortly after the HK market opened, we saw increased sell pressure and approximately $100 million in liquidations across all crypto assets, bringing BTC -0.08% down to below $64,000, ETH -0.75% down to $3,150, and SOL -0.96% to just below $170. This contrast in price action during U.S. and Asia market hours has been consistent throughout July....

AAVE 3.06% BTC -0.08% ETH -0.75% MARA +6.31% SOL -0.96% TRX -0.01%
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CRYPTO MARKET UPDATE RATES ARE BROADLY LOWER, WITH A NOTABLY STRONGER RALLY AT THE FRONT END OF THE CURVE AS THE MARKET APPEARS TO BE TAKING POTENTIAL RATE CUTS OVER THE NEXT COUPLE OF FOMC MEETINGS MORE SERIOUSLY. Despite significant weakness in equities today, the crypto market is looking relatively healthy, with BTC -0.08% and many altcoins in the green. BTC -0.08% briefly rallied above $67k but has since drifted back down...

BTC -0.08% ETH -0.75% GBTC +4.88% IWM +1.75% QQQ +1.08% SOL -0.96% ^SPX
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CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH -0.75% ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC -0.08% to Bitstamp, leaving about 90k BTC -0.08% remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC -0.08% is trading around $66.5k,...

AVAX -1.78% BTC -0.08% ETH -0.75% ETHBTC ETHE N/A% GBTC +4.88% GOOGL -0.17% SOL -0.96% TSLA -0.12% V +2.1%

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