13:29
Grayscale Brings a Bunch of Altcoin Investment Products to Its Offerings, Continues BTC Buying

Digital asset manager Grayscale is further expanding into its product offering as the crypto market continues to gain maturity with time. The company has reportedly incorporated six more trusts for some of the lesser-known yet interesting altcoin projects like Chainlink (LINK), Tezos (XTZ), Basic Attention Token (BAT), and Filecoin (Filecoin).

During his recent conversation on Twitter, Grayscale’s newly appointed CEO Michael Sonnenshein said that their institutional clients have started showing interest in altcoins. Ethereum (ETH) and Bitcoin Cash (BCH) have been the most preferred choices though.

Well, we don’t expect institutions to participate in the newly announced trusts off-the-bat. However, looking at the potential that these projects have, maybe in the long-term they can attract big players. Oracle service provider Chainlink (LINK) has been in massive demand for transferring data and money across different blockchains. The LINK cryptocurrency has climbed up the ranks to become the ninth most-valued digital asset with $8.8 billion in marketcap.

Grayscale Adds More BTC to its Bitcoin Trust

Grayscale is not leaving any opportunity to make the most of the Bitcoin dip. The Grayscale Bitcoin Trust (GBTC) bought another 3500 Bitcoins in the last 24-hours worth $118 million.

Grayscale kickstarted its Bitcoin buying spree for 2021 on January 14 last week. Since then, it has purchased nearly 40K BTC in nine days amounting to a massive $1.5 billion. At the same time, the company has reportedly raised $1.2 billion. However, the GBTC premium has dropped to its lowest since March 2017.

On Friday, business intelligence firm MicroStrategy also announced an additional purchase of 314 bitcoin worth $10 million. With this recent purchase, MicroStrategy ups its total BTC holding to 70,784 bitcoins. Speaking to CNBC’s Power Lunch, MicroStrategy CEO said that Bitcoin is not volatile to investors with a 4-year timeframe. “It’s volatile for traders, but traders like volatility,” he adds.

Speaking to CNBC, BlackRock Rick Rider also said that Bitcoin can replace Gold ‘to a large extent’ and crypto is ‘here to stay’. Rider’s comments come soon after BlackRock showing interest in BTC futures.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Sourse: coingape.com

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 64 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoi Price #BTC | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
[07.03.2021][News]
Is Bitcoin an Inflation Hedge or a Speculative Asset? (1)
[07.03.2021][News]
Bitcoin Explodes Above $50,000 as Total Market Cap Adds $100B In 24 Hours (Market Watch)After flirting with the coveted $50,000 price tag, B (0)
[06.03.2021][News]
Mega Chop is Expected in Bitcoin Market Amidst “Continued Appetite” from Big Investors (0)
[06.03.2021][News]
Bitcoin is tens of thousands away from “overbought” territory, study suggests (0)
[05.03.2021][News]
Bitcoin’s chances of hitting $100,000 in 2021 stumble as Kanye West tipped to buy $100m (0)
[05.03.2021][News]
Bitcoin and Ethereum Form A Bullish Reversing Chart Pattern (0)
[04.03.2021][News]
Bitcoin and Ethereum slow down as transaction values and fees plunge 70% (0)
[03.03.2021][News]
BITCOIN PRICE BOUNCES BACK ABOVE $50,000 AS PROMINENT INVESTOR PREDICTS IT COULD RISE TO $5M (0)
[03.03.2021][News]
Bitcoin is set to soar (0)
[02.03.2021][News]
Traders Fear "Black Thursday" Comeback as Bitcoin Returns in March Mostly Negative, Statistics Say (0)
close