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    QONEQT in Crypto News

    10-Nov-2022 12:15 PM


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    Grayscale Bitcoin Trust records a 41% discount amid FTX meltdown

    Following the FTX bank run, which accelerated by Nov. 7, Bitcoin (BTC) price started to buckle and, at the time of writing, lost 21% in five days.
    Overall, the GBTC has been gradually declining for almost a year since its peak position of $51.47 per share on Nov. 12, 2021.
    A structural problem of GBTC lies in the fact that it’s an investment trust fund with its shares not freely created nor offering a redemption program.
    This inefficiency creates significant price discrepancies versus the fund’s underlying Bitcoin holdings.
    The firm has been waiting for a final decision from the Securities Exchange Commission (SEC) since filing its application in October 2021.
    The current market crisis began on Nov. 2, after reports that a leaked balance sheet from the Sam Bankman-Fried-founded trading firm Alameda Research suggested the company held a significant amount of FTX Token (FTT), the native token of the FTX cryptocurrency exchange.
    Source: Cointelegraph
    #Bitcoin