BTC breaks $ 30,000 during financial market chaos
At the start of the new week, BTC’s price fell below $ 30,000. Let’s see if the $ 30,000 mark holds the BTC price. Not only BTC and crypto, the US financial market is also in the red, with stocks falling the most by up to 2%.
The Dow Jones Industrial Average fell 2.09%, the steepest decline since last October. The gold market has also fallen in the past 5 days. The news made the markets plunge as the news increased at this point as the epidemic began to grow in many countries around the world. Although the vaccine has been used in the United States, there are a certain number of people who have not been vaccinated and the number of infections is increasing day by day.
The rise in the epidemic leaves investors with the psychology to ditch their fortunes and amass cash in case the epidemic situation continues to worsen. This mood is similar to the strong month of March 2020.
Bitcoin’s decline also caused other altcoins to drop even more. In this situation, we still don’t see any signs that big investors are as excited as they were with the crypto market in late 2020. There is evidence that investors have little interest in the Grayscale Premium Index, which has been negative recently and has shown no sign of rising.
After a large number of GBTC shares were activated over the weekend and can now be sold on the market. The price of GBTC stock is currently 13.44% below the market price of BTC. However, we don’t see many large investors buying GBTC in the market.
Nevertheless, there are still a few investors who are announcing further investments in the crypto market. Ark Investment Management, led by Cathie Wood, bought an additional 225,937 shares of Square Inc on Friday through its Ark Fintech Innovation ETF, valued at approximately $ 53.7 million.
Square CEO Jack Dorsey, who also runs Twitter, confirmed earlier this month that the payments company is launching a Bitcoin hardware wallet. Jack Dorsey will also start a company dedicated to developing decentralized financial markets.
In addition to investing more in Square, the Ark mutual fund bought 64,001 shares of Coinbase Global Inc, valued at approximately $ 14.4 million.
Another company that has also announced additional investments in BTC and ETH is Rothschild Investment Corporation. In a report to the SEC, the company bought an additional 103,059 shares in the Grayscale Bitcoin Trust. This acquisition brings the total amount of GBTC Rothschild holds to $ 4.2 million.
At the same time, Rothschild also bought another 13,817 shares in the Grayscale Ethereum Trust. To date, the company has invested $ 6.3 million in ether through Grayscale.
Some companies have been investing in the crypto market since early July, but in general, large mutual funds are not currently active in the market after reducing periodic purchases.
Large funds have funds that stand out from BTC and ETH, but also funds that push more money into it. Coinshare’s weekly report shows a $ 2.9 million increase in BTC and ETH inflows. The amount of money is deducted from BTC, but tends to be more deposited in the ETH.
The stable amount of copper on the exchanges is still high. There may be investors selling BTC and withdrawing from it, but they still keep stable coins on the exchange to monitor the market situation.
Some other information:
Grayscale Announces Grayscale DeFi Fund Exclusively For DeFi Coins. Institutional investors can buy DeFi tokens like UNI, AAVE, COMP, SUSHi, etc. through Grayscale’s DeFi fund.
The online conference The B Word will take place on July 21st (23 hours at the 21st time in Vietnam). During this conference, Elon Musk, Cathie Wood and Jack Dorsey … will discuss Bitcoin and its role in global companies. You can click the link to see it live: https://www.thebword.org/c/the-b-word
Singapore-based crypto exchange Bitrue announced today that it will be the first exchange to support native assets in the Cardano ecosystem, starting with the Occam.fi OCC native token, which is known as both Cardano native tokens (OCCADA) was issued.
The Ethereum ETF has been approved by the Brazilian Ministry of Securities Commissions. The Ethereum ETF mutual fund has also officially been listed on that country’s stock exchange. The United States is a large economy, with securities accounting for 44.33% of the total world stock market (2019 data). Therefore, the US will be more cautious before deciding to introduce new mutual funds like Bitcoin ETH or Ethereum ETF.