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âą Sign up on Binance and verify your account (this is specifically for new users).
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đ” According to Bloomberg, FTX is selling off crypto assets and hoarding cash, while its cash reserves almost doubled at the end of 2023 to $4.4 billion. In January, FTX Estate sold another 22 million shares of GBTC worth almost $1 billion.
#BTC From Boom to Gloom: Bitcoinâs Value Sinks Below $39K Amidst Market Speculations
In terms of its market value, bitcoin #BTC has witnessed more prosperous times. After breaching the $40,000 level on Jan. 22, it has now descended below $39,000. On Tuesday, bitcoinâs value hit a nadir of $38,600, marking a 5.3% decrease in a single day and a 9.8% reduction over the week. Over a two-week period, bitcoin has depreciated by 16.8% in comparison to the greenback.
The current downturn in bitcoinâs price is rife with speculation, particularly concerning Grayscaleâs GBTC outflows and the notion of spot bitcoin exchange-traded funds (ETFs) being a âsell the news event.â In a note shared with Bitcoin.com News, Etoroâs market analyst, Simon Peters, discussed the prevalence of GBTCâs recent outflows.
âGBTC from Grayscale still holds the most bitcoin of any of the spot ETFs with 53% of the market share, however, this was all acquired from its days as an investment trust, before it made the conversion to an ETF,â Peters said on Monday. âGBTC since becoming an ETF has actually seen net outlaws totaling 66,500Â BTCÂ (around $2.6 billion at current market prices) in all likelihood due to the high fees prompting investors to switch to lower fee alternatives.â