* Our Parent Company Crypto Token is GOING LIVE!!! *Flag Token

World’s largest crypto fund swept into FTX storm

Date:

Share post:

The world’s largest cryptocurrency fund has become embroiled in the turmoil swirling around the troubled sector, in a further sign of waning enthusiasm for digital assets.

The share price of the $10.5bn Grayscale Bitcoin Trust (GBTC), which owns 3.5 per cent of the world’s bitcoin, has plummeted to a 39 per cent discount to the value of its underlying assets as investors have embarked on an increasingly desperate scramble to exit.

The blowout means investors in the trust have suffered an 83 per cent loss since bitcoin peaked in November 2021, outstripping the 74 per cent slide in the value of bitcoin itself.

Confidence in digital assets has been sideswiped by the implosion of crypto exchange FTX, the fallout from which is rippling through the near-$1tn industry due to the complex and often opaque linkages between major players.

Fears struck closer to home for Grayscale on Wednesday when crypto broker Genesis Trading, which originated more than $50bn of loans last year, suspended redemptions and originations of loans at its lending arm after suffering financial contagion…

Read more…

Related articles

What is Klayton Blockchain & Why Toon Finance is Better Choice – CryptoMode

The Klaytn network has taken a big hit today, as the price of KLAY tokens has tumbled following...

Peter Schiff Says Bitcoin Still Has a Long Way to Fall — Values BTC at $10K – Markets and Prices Bitcoin News

Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse...

ATP Finals 2022 full schedule, results, TV channel and live stream as Novak Djokovic reaches final, Rafael Nadal bows out in Turin

Novak Djokovic will meet Casper Ruud in the final of the 2022 ATP Finals after being taken to...

Top 3 Hottest NFT Mints for November 2022 Blackfriday Cryptocurrency

What are NFTs and How Do They Work? You may have heard about a new craze sweeping the internet...