Traders are grappling with how to optimize their strategies for a potential Bitcoin price increase while also fearing forced liquidations due to unexpected price swings. Part of the market is already pricing in a 0.50% interest rate cut, making it difficult to predict how markets will react on Sept. 18, despite the potential bullish catalyst. The price action suggests that positive macroeconomic trends for risk markets have been overshadowed by growing concerns within the cryptocurrency sector. Some argue that Democrat nominee Kamala Harris's lack of commitment to support the industry has contributed to Bitcoin’s subdued performance. Gemini exchange co-founder Tyler Winklevoss contended that “Operation Choke Point 2.0 remains in full swing” and that “the Harris crypto ‘reset’ is a scam.”
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Grayscale, the asset manager company behind bitcoin (BTC) and ether (ETH) exchange traded-funds (ETFs) and other crypto investment funds, introduced Tuesday a new fund that invests in the governance token of decentralized lending platform MakerDAO (MKR). MKR advanced over 5% in an hour following the news, hitting $2,100. The token is up nearly 8% over the past 24 hours, outperforming the mostly flat broad-market CoinDesk 20 Index. The Grayscale MakerDAO Trust is accessible to eligible individual and institutional accredited investors, and has the same structure as the firm's other single-asset trusts, according to a press release. This means that it's a closed-end fund where direct withdrawals are not possible, which could lead to price deviations between the fund's share on secondary markets and the underlying asset.
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