GBTC Rallying, ZRX Shows Technical Strength

Name: FS Insight
Price range: $$$

Jul 5, 2023

Author

Sean Farrell ^AC

BTC -5.28% ETH -4.41%

Market Update The crypto market is experiencing a post-Independence Day dip, with $BTC and $ETH retesting levels of $30,000 and $1,900, respectively. Most popular altcoins are also trending lower, exhibiting a 2-3% decrease compared to 24 hours prior. This downward slide can be attributed to a combination of macro and idiosyncratic factors. The DXY is trading higher, bolstered by disappointing economic data emanating from China and today's rally in long-term rates. Concurrently, major equity indices are also experiencing a dip as traders remain on standby for the release of the Federal Open Market Committee (FOMC) meeting minutes, scheduled for 2pm EST today. From an industry-specific perspective, altcoins owned by bankrupt crypto lender Celsius have begun moving after a court ruling allowed the conversion of these alts into bitcoin and ether. It is assumed that most of these assets will ultimately be sold in exchange for some combination of BTC and ETH (more on this below). Despite the market pullback, GBTC continues to show strength. As noted a few weeks ago, the GBTC presents a compelling investment opportunity due to the rising prospects of a spot ETF. The OTC-traded trust continues to tighten its discount to NAV, currently at 27.6%, the lowest since July last year.As previo

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