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During Friday afternoon trade, Bitcoin (BTC) maintained stable at about $21,000. The biggest cryptocurrency by market capitalization was recently traded at $21,030, an increase of 3% in the preceding twenty-four hours. As Jimmy He reported, analysts believe this weekend might represent another challenge for bitcoin.
Craig Erlam, a senior market analyst at Oanda, stated that despite the cryptocurrency's resiliency this week in staying above a significant milestone, this weekend might be another trying phase. "The support remains fragile below, and another break might test the space's confidence."
Despite the ongoing turmoil in the crypto business, experts closely monitored vital market indicators for indications that prices may have reached a bottom. These include a narrowing of the so-called Grayscale discount (for more on this, see the section below by Lyllah Ledesma) and – in a perverse twist of logic – data showing stock investors piling into an exchange-traded fund designed to profit from further price declines in bitcoin, as reported by Krisztian Sandor.
Raghu Yarlagadda, CEO and co-founder of FalconX, a crypto trading platform for institutional investors, stated on CoinDesk TV’s “First Mover/” show on Friday that he believes the “relief rally” seen over the past 24 hours is mainly driven by individual investors.
In conventional markets, equities rose after a study from the University of Michigan revealed that consumers’ inflation expectations had moderated compared to the previous reading. Traders saw this as a sign that these beliefs are less likely to become self-fulfilling prophecies.
As the deadline approaches for the U.S. Securities and Exchange Commission to rule on a proposal to convert the Grayscale Bitcoin Trust – the world’s largest cryptocurrency fund – into an exchange-traded fund, a key metric known as the “Grayscale discount” in crypto markets is narrowing, possibly indicating optimism on the part of some traders.
The Grayscale Bitcoin Trust, often known by its stock ticker symbol GBTC, is a form of investment instrument that exposes U.S. investors to BTC price fluctuations.
According to statistics from Skew, GBTC shares were recently trading at a discount of 29 percent to the price of bitcoin. This is down from 34 percent the previous week. Since February 2021, the shares have traded at a discount; earlier, they sold at a premium to bitcoin’s price.
It might indicate that stock dealers are bottom-feeding for bitcoin at a discount or that traders believe the conversion will be approved. Or it may indicate that worries of a more severe liquidity crunch in the cryptocurrency business have subsided.
After nearly four years of development, THORChain’s native blockchain became live on seven supported networks on Thursday, developers said in a blog post. The network allows users to exchange bitcoin for other supported assets without utilizing bridges or wrapped assets. RUNE, the token of THORChain, has outperformed bitcoin and ether with a 14 percent increase over the past 24 hours.
Axie Infinity’s Developer Will Reimburse Ronin Bridge Hack Victims: The producer of the famous play-to-earn online game Axie Infinity, Sky Mavis, has announced that it would begin compensating the victims of the $625 million Ronin bridge hack. At current rates, a total of $216.5 million in USDC and Ethereum will be refunded to customers.
Cryptoys generate funding to provide children with NFTs: Andreessen Horowitz, Dapper Labs, and Mattel each contributed $23 million to Cryptoys, a platform that aims to “reimagine what a toy truly is.” The site, run by non-fungible token (NFT) studio OnChain Studios, intends to introduce non-fungible tokens (NFTs) in the guise of colorful characters to children.
