Total crypto market cap rises above $1T, and data suggests more upside is in store

    Bad news continues to dominate crypto media headlines but Bitcoin and the wider market appear to not care. Despite the recent negative crypto and macroeconomic newsflow, the total cryptocurrency market capitalization broke above $1 trillion on Jan. 21. An encouraging sign is that derivatives metrics are not showing increased demand from bearish traders at the…

    Why is the crypto market down today?

    The crypto market is down today after the U.S. government cracks down on Bitzlato and stocks begin to give back some of their gains from the start of the year. The crypto market is down today, as a slew of negative news events weigh on Bitcoin, Ether and altcoin prices. After jumping to yearly highs,…

    Grayscale Bitcoin Trust discount hit a record high of over 47%

    Shares of Grayscale Bitcoin Trust (GBTC), the world’s largest bitcoin fund, reached a record-high discount rate of above 47% relative to the price of Bitcoin (BTC). Bearish sentiment surrounding the trust deepened over fears that crypto trading firm Genesis Global Trading, with the same owner, could file for bankruptcy. GBTC is a way for investors…

    Morgan Stanley increases GBTC investment, but cheaper ETFs could compete

    Morgan Stanley continues to increase its exposure to Bitcoin and has bought a considerable amount of GBTC shares for totals of about $303 million. However, the $36 billion trust feels the push from cheaper ETFs. The FT found GBTC trades at a 15% discount on the value of its underlying assets. Banking giant Morgan Stanley…