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Job Postings Suggests Grayscale Is Ready for Bitcoin ETF

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Grayscale has shared nine job postings for ETF specialists. The leading Bitcoin trust firm has no ETF products nor filed for an ETF with the SEC.

Grayscale has been the leading Bitcoin trust with over 649,130 BTC in holding. The holding is a little over 3% of the total circulating Bitcoin and is valued at over $35B. Most of this has come this year with the firm seeing institutional and retail demand rocket. Grayscale has further set up other trusts with Ethereum, Litecoin and Bitcoin Cash being the most notable ones. These trusts allow institutions and retailers to invest in a cryptocurrency without having to hold it.

Having dominated with trusts, the firm might be looking to launch the first US-approved ETF. An exchange-traded fund (ETF) is one of the investment vehicles that give access to retailers and institutions without holding the asset. Its difference from trusts is that it is traded on a public market. This makes it subject to approval by the SEC in the US. Grayscale ETF speculations have surfaced following nine job listing by the firm. On Tues, Grayscale shared a link to job postings for its ETF business. The positions are on offer despite the firm having no ETF products.

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Franky, the market has been crying for an ETF. With Canada now approving its first Bitcoin ETFs, many are expecting the SEC to approve the first one this year. Its case is strengthened by the recent institutional demand with the likes of Tesla and Square adding Bitcoin to their balance sheets. Grayscale has never applied for a Bitcoin ETF. But other firms including Gemini have with no success. Can the firm get it right with the first one? There is no better time and few firms are better suited.

Grayscale Bitcoin Trusts Trade at a Discount

For the first time in years, Bitcoin and Ethereum Trust traded at a discount this month. The trend reversal followed a market slump at the start of the month. As of March 04, the Bitcoin Trust (GBTC) set a record of an 11.59% discount. Is this a good or bad sign? The discounts came at a time when Bitcoin was struggling to break above hence assumed negative. But according to Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, this could be the fuel that pushes Bitcoin to $100K.

Charts shared by the analyst show that Bitcoin could go on to reach as high as $100K if history repeats itself. In 2017 when GBTC traded at a discount, Bitcoin rallied to reach $20K. McGlone believes Bitcoin has a firm foundation to reach those heights and the discount has in the past been a significant factor in price movement.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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