Key Points:
GBTC surged by 11.44%, reaching a trading volume of $10.24 million, the highest since November 22 last year. This is due to GBTC rising by more than 25% since BlackRock filed for a Bitcoin ETF like GBTC application. CryptoQuant shows that the current Grayscale Bitcoin premium is -34.19%, the second highest point this year.
Bitcoin has also risen sharply, with gains of 6.9% in the past 24 hours and 10.6% in the last seven days. Tradingview shows that Bitcoin’s market value has reached 51%. This is a significant increase and a positive sign for the market.
In addition, four large ETF institutions, including iShares Bitwise WisdomTree Invesco, have recently applied for a Bitcoin ETF. This has the potential to attract more money into Bitcoin. Furthermore, the U.S. SEC has identified a large number of altcoins as securities, which could also result in more money flowing back into Bitcoin.
Bitcoin and Ether started the trading day with significant gains. Bitcoin reached $29k before trading at around $28,762, while Ether is up 3.4% and is trading at $1,793. This is great news for crypto investors and indicates that the market is beginning to recover.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire
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