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First Mover Americas: GBTC Discount Narrows to Lowest Since May 2022

First Mover Americas: GBTC Discount Narrows to Lowest Since May 2022

CoindeskCoindesk2023/07/11 12:45
By:Lyllah Ledesma

The latest price moves in crypto markets in context for July 11, 2023.

Michael Sonnenshein

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

CoinDesk - Unknown

The discount to net asset value (NAV) for the $19 billion-plus Grayscale Bitcoin Trust (GBTC) to narrow in the wake of asset manager BlackRock’s application to open a spot bitcoin ETF in the United States. The discount to NAV fell to as low as 26% at one point last week – the trimmest level since May 2022 – and currently sits at about 27%, according to data from . BlackRock’s move for a spot bitcoin ETF set off a number of filings and re-filings for similar funds from a number of other industry actors, fellow asset management giant Fidelity.

Crypto data firm Arkham Intelligence controversy Monday by announcing a , angering privacy-focused crypto advocates. It turns out Arkham has already been leaking its own customers’ private information, a revelation that also seems to have emerged Monday, putting a spotlight on the companys own approach to user privacy just as it was rolling out a service meant to unmask crypto wallet owners on a massive scale. The issue stems from the way Arkham set up its weblink referral program. Users of Arkham’s wallet tracking dashboard can invite others onto the platform by sharing their unique referral URL. Those URLs appear to end with a meaningless jumble of characters. In reality, they’re an easy-to-decipher version of the user’s email address written in Base64, which is .

Bitcoin () could rise to $50,000 by the end of this year and up to $120,000 by end-2024, Standard Chartered Bank in a research report on Monday. The British multinational bank in April had put out a $100,000 forecast for the end of 2024, noting at that time the banking crisis, among other factors. "We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," yesterday’s report said, this time pointing to increased miner profitability as among the bullish catalysts.

CoinDesk - Unknown

Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our .

- Omkar Godbole

Edited by Stephen Alpher.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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