Over the past few weeks, the GBTC market has been in turmoil as we saw the GBTC price plummet from over $100 USD per share to under $50 USD per share, with no end in sight. The GBTC price has stopped moving since late October, when it reached a high of $123 USD per share.
Bitcoin.com has started contacting companies and firms that are affected by the Bitcoin Cash hard fork, and we have found a few companies that will honour Bitcoin Cash up to a month after the fork. We are not sure if this means that the hard fork is over, but we figured it’s worth mentioning.
Bitcoin’s price has dropped by almost 60% this year. It’s been a turbulent ride for investors, and this is just the beginning of Bitcoin’s bumpy ride. There are three major events that have occurred this year that lead to a wave of uncertainty in the Bitcoin community: 1) The price of Bitcoin reached its peak at $20,000 USD 2) The price of Bitcoin dropped to $7,500 USD while the GBTC increased in value 3) The price of Bitcoin has almost halved from $20,000 USD to $8,000 USD. Read more about grayscale etf and let us know what you think.
The GBTC Unlock started on July 13, and the BTC price has been fluctuating since then.
The greatest drop was predicted for this Sunday, but it has already happened, and Bitcoin is already trading over $30,000.
The remaining GBTC Unlocks will have a lower BTC value than the one that occurred on Sunday.
For weeks, the Bitcoin price has been causing traders headaches, and many are now wondering whether the market can rebound this year. When Bitcoin fell below $30K on July 20, many people assumed the crypto market was over.
Many people were terrified by the concerns surrounding the GBTC Unlock on July 18 that resulted in the loss of 16,240 Bitcoins. However, it seems like the worst is past, and Bitcoin has recovered.
The “FUD” surrounding GBTC Unlock seems to be over.
Following the unlocking of GBTC shares on July 18, negative market emotions seemed to follow, and now the next unlocking isn’t much of a danger since the value of Bitcoin will decrease with each release.
Bitcoins will be issued until August 25, but the quantity will continue to decline. The worry was that following the unlocking on Sunday, the market would fall below the point of recovery. The market saw the anticipated sell-off on Monday, with Bitcoin falling below $30,000.
the current price of bitcoin
Every day, more people are interested in investing in GBTC.
Potential investors such as Rothschild Investment Corporations are paying close attention to the GBTC shares. GBTC shares have been aggressively acquired by a number of entities like these.
With the successful completion of the GBTC unlock period, the market has been able to recoup from its early losses, and Bitcoin is currently trading above its $30K support level.
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