TL;DR Breakdown
- The GBTC Unlock began on July 13, and since then, the BTC price has been struggling.
- The biggest hit was expected on this Sunday that has now passed, and Bitcoin is trading above $30K.
- The rest of the GBTC Unlocks together will involve a lesser BTC than the one that happened on Sunday.
Bitcoin price has been giving traders a headache for weeks, and now, people wonder if there are chances of the market recovering this year. People saw Bitcoin dropping below $30K on July 20, and many thought this was it for the crypto market.
The GBTC (Grayscale Bitcoin Trust) can help simplify investing in cryptocurrency, posing some significant disadvantages. The GBTC Unlock on July 18 that amounted to 16,240 Bitcoins, put fear in the hearts of many. But now, it seems that the worst is over, and Bitcoin could recover.
GBTC Unlock “FUD” seems to be over
Negative sentiments in the market seemed to follow after the unlocking of GBTC shares on July 18, and now, the following unlocking is not much of a threat as the amount of Bitcoin will drop with each release.
Bitcoins will continue to get released until August 25, but the amount will decrease. The fear was that the market would fall below the recovery point after the unlocking on Sunday. Monday brought the expected sell-off in the market as Bitcoin went below $30K.
GBTC investment is getting popular each day
The GBTC shares are gathering much attention from potential investors like Rothschild Investment Corporations. Multiple organizations like this have been actively accumulating GBTC shares.
As the price of BTC rises (or falls), shares in these trusts track the value of the cryptocurrency — but only roughly. Investing in BTC in this way offers several critical advantages to investors, and the Securities and Exchange Commission regulates investments.
With the successful passing of the GBTC unlock period, the market has recovered from the loss it had earlier suffered, and now, Bitcoin is above its support of $30K.
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