CME gap

As Bitcoin Continues to Struggle, Grayscale’s Crypto Holding Drop by $2 Billion in 24 hours

In an extraordinary announcement, one of American’s prominent investment firm Grayscale, said in a statement that the value of its digital assets holding has dramatically decreased to nearly $34 billion from $36 billion in a single day.

The company announced on its Twitter handle that in the last 24 hours, the amount of its crypto holding has shrunk by as much as $2 billion. Available data from Bybt shows that crypto outflows from the company’s trust have been ongoing for the past month.

The data further suggest that the leading crypto asset and other major altcoins were being transferred to the secondary market.

BTC Struggles to Regain Value

Bitcoin price has been struggling to regain its $40K mark after Tesla’s CEO Elon Musk took a hit at the asset over its energy consumption and called it a highly centralized virtual currency. Besides that, Musk’s electric car company also announced its decision to stop accepting BTC as a form of payment.

The recent downward trend of the world’s most famous token was also triggered by the continuing crackdown of the Chinese authorities on the local miners. Experts suggest that the energy consumption and its impact on the climate have prompted it to intensify its crackdown on miners. Another school of thought is of the opinion that it is because Beijing wants to promote its digital Yuan.

The governor of the Japanese national bank recently joined the ranks of BTC skeptics. He criticized the currency for its highly volatile nature and its rare use as a payment option across the world.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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