The past week’s trading has been one big guessing game for hodlers as Bitcoin edges ever closer to all-time highs—but avoids hitting them. Rumors that Oracle was about to announce a giant 72,000 BTC buy-in looked set to obliterate the trading channel once and for all, but a let-down instead brought a solid reinforcement of the current range.
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U.S. ETF firm looks to circumvent SEC restrictions
Simplify Exchange Traded Funds’ proposed ETF would hold up to 15% Grayscale Bitcoin Trust, with the rest being invested in the U.S. stock market
The filing shows how desperate United States financial firms are to launch a Bitcoin ETF despite the SEC’s longstanding opposition, which is based on market volatility, alleged manipulation, and the purported lack of liquidity. A number of straight Bitcoin ETF proposals are pending before the SEC, including projects by Valkyrie, Bitwise, VanEck, and even Goldman Sachs. Appetites have been whetted by the success of Canada’s Purpose Bitcoin ETF, which attracted more than a half billion dollars in its first few days.
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Markets Report: Bitcoin stays skewed to upside, rejecting dip to reach $57K
A dip to $54,400 fizzles and buyer support returns BTC/USD to the crucial resistance zone below all-time highs
Bitcoin kept bulls guessing and bears firmly disappointed on March 12 as a retest of lower levels ended in a strong rebound. Data from price trackers including CoinMarketCap and Tradingview showed BTC/USD rejecting a move towards previous support at $52,000 which began overnight.
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Grayscale Investments CEO Michael Sonnenshein is not having a good week (Photo: Grayscale Investments)Grayscale Bitcoin Trust suspends new investments on heels of buyback
With its stock trading as much as 15% below the value of its Bitcoins, the company already announced a $250 million share buyback this morning
Stock buyback plans are often used on Wall Street to shore up the price of ailing stocks or bump strong ones even higher. By decreasing the number of shares available, the theory goes, the stock price will go up. It often works. Grayscale’s shares have been ailing recently, as Canada approved a pair of Bitcoin exchange traded funds—the first in North America. The first ETF, Purpose Bitcoin ETF, roared to life with more than $500 million invested in just the first few days.
