Bitcoin Soars to $47K, Grayscale GBTC Trading Volume Approaches $500 Million
Bitcoin surged to a new high since April last year, reaching $47,248 this morning. The market is optimistic and expects the SEC to approve the latest Bitcoin spot ETF applications submitted by various asset management companies this week. Bitcoin’s 24-hour gain is 7%, making it the only cryptocurrency among the top ten in market value to show an upward trend in the past seven days.
(ETF filings are being submitted like crazy, and the SEC has quickly provided comments. It is not a delay but there will be more revisions.)
Image source: Binance
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GBTC Trading Volume Approaches $500 Million
Physical Dogecoin and Bitcoin Successfully Launched
Bitcoin Dominates the Top Ten Cryptocurrencies
Yesterday was the last day for ETF issuers to submit modified documents to the SEC. The market once again ignited its passion for Bitcoin. According to ETF analyst Eric Balchunas of Bloomberg, the trading volume of Grayscale’s Bitcoin Trust GBTC was nearly $500 million yesterday, surpassing over 99% of the existing 3,000+ ETFs, indicating the market’s enthusiasm. However, he expressed surprise at Grayscale’s high fees, which reached 1.5% in the latest submission. After all, most asset management companies have started a price war, with Ark Invest, Bitwise, and VanEck all offering initial free promotions.
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Image source: Binance
Image source: Binance
Image source: Binance
Image source: Binance
Physical Dogecoin and Bitcoin successfully launched into space yesterday (1/8) afternoon through Astrobotic’s Peregrine 1 mission. They are expected to land on the moon on February 23.
(Bitcoin and Dogecoin teamed up to go to the moon, and a live broadcast of “To the Moon” was held on the afternoon of 1/8.)
As of 9:00 AM today, the price changes of the top ten cryptocurrencies by market value are as follows. Bitcoin, the leader, has performed the most impressively due to the ETF frenzy, while other cryptocurrencies have experienced correction in the past week. SOL, ADA, AVAX, DOGE, and DOT have all declined more than 10% in the past seven days.
Image source: Binance
Image source: Binance
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Further reading
The end of the Grayscale era? Ark Invest sells all GBTC and buys BITO
Crypto Bulls in the Stock Market: MicroStrategy, Coinbase, GBTC, and Marathon Digital have all tripled in value this year.
