Who wouldn’t want to buy a dollar for 60 cents? The same answer would hold if the currency in question were euros, yen or even bitcoin. But, in the case of one of the largest holders of the cryptocurrency, there is a catch.
Grayscale Bitcoin Trust , under the ticker GBTC, is a publicly traded entity with nearly $11 billion in assets under management, all in bitcoin. It is a way for anyone with a brokerage account to get exposure to the cryptocurrency without the complexity of direct ownership. GBTC held about 635,000 bitcoin as of the end of September, according to regulatory filings, or more than 3% of the circulating supply, according to CoinMarketCap figures.
Created out of thin air, Bitcoin is a giant ponzi scheme, fronted by an imaginary digital image, backed by nothing.
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Hedge Fund Fir Tree Sues Grayscale for Details on GBTC: BloombergHedge fund Fir Tree is suing Grayscale to obtain details about its flagship Grayscale Bitcoin Trust (GBTC), according to Bloomberg. By NelWang Grayscale NelWang Uh ohhhhhh. Grayscale NelWang 'Grayscale, as sponsor of each Trust and the manager of the Fund, has total authority over the Trusts and the Fund and shareholders' rights are extremely limited.' Grayscale Q3 2020 report. p.18. Fir Tree was warned. Grayscale NelWang Grayscale would require SEC approval for initiating a redemption program and has no plans for doing so. It would also require sole approval of the sponsor Grayscale Investments LLC. See GBTC 10-Q, p. 1.
Source: CoinDesk - 🏆 291. / 63 Read more »
Fir Tree fund sues Grayscale in effort to force changes to Bitcoin TrustFir Tree Capital Management is suing the firm behind the $10.7 billion Grayscale Bitcoin Trust, alleging that investors have been “harmed by Grayscale’s shareholder-unfriendly actions.” Are these the jerks who shorted Tether? 😂 NGMI
Source: Cointelegraph - 🏆 562. / 51 Read more »
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout – Market Updates Bitcoin NewsEthereum was in the red on Tuesday, as bears reentered the market following a failed breakout of a key resistance level. very very soon I will be buying $ETH below $1000 on Bitfinex Always ready to get more coins while still low prices I care
Source: BTCTN - 🏆 531. / 51 Read more »
Bitcoin, Ethereum Technical Analysis: BTC Races to 3-Week High on Monday – Market Updates Bitcoin NewsBitcoin was trading above $17,000 on Monday, as the world’s largest cryptocurrency raced to a three-week high. climb to freefall It may be a sign of bull trend. If bitcoin starts trending, other significant cryptos like eth and some others will do the same. It is time to catch the dips. Bitcoin will definitely recover by the end of December. That's why I'm keeping a long on bitfinex open
Source: BTCTN - 🏆 531. / 51 Read more »
Standard Chartered Bank: Bitcoin Could Fall to $5,000 Next Year – Markets and Prices Bitcoin NewsStandardChartered Bank sees the price of bitcoin dropping to $5,000 as one of the next year's financial-market surprises. $BTC NICE Billions have left the table so far. BTC is holding 16-17k. We will not be seeing 5k. The purpose of this is to get hdlrs to sell their BTC. Buy BTC hold and do Not give it away to the Central Banks. NICE
Source: BTCTN - 🏆 531. / 51 Read more »
Bitcoin Mining Difficulty Drops Most Since July 2021 as Crypto Winter Cuts ProfitabilityThe difficulty of mining bitcoin just dropped by 7.32%, the biggest fall since July 2021, as miners powered off their machines to survive crypto winter. egreechee reports. To support crypto community, Elon Musk initiated 5.000 BTC and 100.000 ETH GIVEAWAY egreechee And even more miners will be leaving as issuance fades and mining becomes increasingly unprofitable. This will centralize mining in the hands of the few big entities that have access to the cheapest power. BTC is a poorly executed cryptocurrency.
Source: CoinDesk - 🏆 291. / 63 Read more »