Is the Grayscale Bitcoin Trust (GBTC) stock a good buy now?

2023-7-10 19:08

The Grayscale Bitcoin Trust has jumped by over 168% from December lows.

The trust is hoping for Bitcoin to have a bullish breakout above the YTD high.

The Grayscale Bitcoin Trust (GBTC) stock price has moved sideways in the past few days as Bitcoin remained stuck at $30,000. GBTC was trading at $20, the highest level since June last year. It has jumped by more than 168% from the lowest level in December.

Bitcoin consolidation continues

The Grayscale Bitcoin Trust is the biggest fund in the cryptocurrency industry. It has over $18.9 billion of assets under management (AUM). Over the years, the fund has jumped by more than 19,200% since its inception.

Grayscale Bitcoin Trust stores its assets in an offline cold wallet with Coinbase Custody Trust. Most companies that have filed for Bitcoin ETFs have also selected Coinbase as the custodian of the funds.

GBTC creators have filed to convert the GBTC fund into an exchange-traded fund (ETF). Indeed, the company has sued the Securities and Exchange Commission (SEC) in a case that could change the industry. 

A ruling in favor of the company will open the possibility for other companies like Blackrock and Invesco to launch their spot ETFs. 

GBTC is widely known for its massive discount to its assets, The market price per share stands at $19.81 compared to its holdings per share of $22. This discount has been narrowing in the past few weeks.

The next key important catalyst for the GBTC stock price will be Bitcoin’s price action. Bitcoin has remained stuck slightly above the key support level at $30,000. Therefore, if Bitcoin rebounds, there is a likelihood that the Grayscale Bitcoin Trust will continue rising as well.

GBTC stock price forecast

The daily chart shows that the GBTC share price has been in a strong bullish trend in the past few days. It has managed to move above the important resistance point at $18.53, the highest level on April 10th. 

The Grayscale Bitcoin Trust stock price has moved above the 50-day and 100-day exponential moving averages (EMA). Further, the Relative Strength Index (RSI) has moved slightly below the overbought level to 69. GBTC’s volume has moved downwards.

Therefore, there is a likelihood that the GBTC price will continue rising as buyers target the next key resistance level at $25. A drop below the support at $18.53 will invalidate the bullish view.

The post Is the Grayscale Bitcoin Trust (GBTC) stock a good buy now? appeared first on CoinJournal.

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bitcoin trust grayscale gbtc stock moved sideways

Источник: coinjournal.net

bitcoin trust → Результатов: 126


Grayscale revealed as second-largest Bitcoin holder despite confidentiality efforts: Arkham Intelligence

Blockchain analytical firm Arkham Intelligence identified Grayscale’s Bitcoin Trust as the second-largest Bitcoin (BTC) holder in a Sept. 6 post on X, formerly Twitter. The company said that the trust is the “second largest BTC entity globally” and that the fund contains over $16 billion of the flagship digital asset.

2023-9-6 22:10


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Where to buy bitcoin after BlackRock announces new Bitcoin trust

Bitcoin BTC/USD hit a new month’s high yesterday after BlackRock launched a private trust to give institutional clients in the US direct exposure to bitcoin. Despite the fact that bitcoin is still about 60% below its all-time high of $69,000, the announcement is a major boost with a majority of investors believing the digital currency […] The post Where to buy bitcoin after BlackRock announces new Bitcoin trust appeared first on Invezz.

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BlockFi подала в SEC заявку на регистрацию Bitcoin Trust

Компания BlockFi подала в Комиссию по ценным бумагам и биржам США (SEC) заявку на регистрацию Bitcoin Trust. В случае одобрения, новый инструмент будет конкурировать с продуктами Grayscale.

2021-2-1 11:03


Bitcoin SV (BSV) Explodes 29% on “Tulip Trust” Fears Ease

The price of Bitcoin SV (BSV) surged by a massive 28 percent on Friday as traders assessed a key development in the ongoing legal dispute involving founder Craig Wright. The self-proclaimed Bitcoin creator submitted a total of 428 documents to the plaintiffs, one of them allegedly including details of a trust that holds billions of... The post appeared first on NewsBTC.

2020-1-10 18:27


Объем биткоинов под управлением Grayscale Bitcoin Trust вырос до $1,42 млрд

Количество биткоинов под управлением фонда Grayscale Bitcoin Trust в апреле возросло до 225 638 BTC ($1,42 млрд). Последний раз этот показатель был на подобном уровне в июле 2018 года, сообщает The Block.

2019-5-15 14:36


Стоимость биткоинов под управлением Grayscale Bitcoin Trust выросла до $1,42 млрд

Количество биткоинов под управлением фонда Grayscale Bitcoin Trust в апреле возросло до 225 638 BTC ($1,42 млрд). Последний раз этот показатель был на подобном уровне в июле 2018 года, сообщает The Block.

2019-5-16 14:36


Фото:

SEC затребовала дополнительную информацию по новому проекту bitcoin-ETF

Комиссия США по ценным бумагам и биржам (SEC) потребовала дополнительную информацию по предложению Чикагской биржи опционов (CBOE) по торговле на бирже акций ETF-фонда SolidX Bitcoin Shares, созданного компанией VanEck SolidX Bitcoin Trust.

2018-6-28 23:47


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