The price of Bitcoin (BTC) has extended its recovery on Jan. 14, reclaiming the $38,000 level. What's more, the weekly candle has now turned green for the fifth consecutive week despite the 28% crash earlier this week. Meanwhile, stablecoin deposits are flooding into cryptocurrency exchanges, according to data from CryptoQuant. This inflow may act as a short-term catalyst for Bitcoin as it suggests that sidelined capital is moving back into BTC. Why are stablecoins indicative of strong buyer demand for Bitcoin? In the cryptocurrency market, many traders sell crypto assets, like Bitcoin, to stablecoins rather than cash. Stablecoins, such as …

Institutional crypto-fund manager Grayscale Investments has begun the dissolution of its XRP Trust in response to the Security and Exchange Commission’s December 2020 lawsuit alleging the XRP token is a security under U.S. law. According to an announcement published Wednesday, Grayscale decided to dissolve the trust in response to the spate of XRP delistings from major crypto-asset exchanges after the SEC’s complaint was filed. Grayscale concluded: “It is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP to U.S. dollars, and therefore continue the Trust’s operations.” All XRP held by the trust has already been …

Digital asset investment manager Grayscale has resumed accepting new investments into almost all of its cryptocurrency trusts. The investment manager had paused new inflows into six of its trusts in late December 2020, just as the six-month lock-up period for selling recently-purchased shares in its Bitcoin Trust, which trades under the ticker GBTC, was winding up. As of the time of writing, products such as the Grayscale Bitcoin Trust and the Grayscale Digital Large Cap Fund Trust are all available for new investors, although the Grayscale Ethereum Trust remains unavailable. The Grayscale XRP Trust is inactive, and will likely remain …

Altcoin’s recent gains have come under pressure as Bitcoin (BTC) price dropped to retest lower support levels after reaching a new all-time high at $41,940. Following Bitcoin’s Jan. 7 push above $40,000, the top cryptocurrency faced selling pressure that saw the price dip as low as $36,600. As has been the case throughout the current rally, investors quickly purchased the dip and BTC price rallied to a new all time high at $41,940 on Jan.8. Market sentiment continues to improve as institutional investor inflow to cryptocurrencies continues to rise. As reported by Cointelegraph, Grayscale Invesetments CEO Michael Sonnenshein says that …

Grayscale’s newly appointed CEO, Michael Sonnenshein, told Bloomberg Thursday that pension funds and endowments are investing actively into the Grayscale family of funds. He explained: “We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments. [...] The sizes of allocations they are making are growing rapidly as well.” Grayscale has been at the center of the Bitcoin (BTC) buying spree and now holds roughly 3% of the BTC in circulation. The fund manager continues to accumulate large positions in the digital asset …

Bitcoin’s (BTC) parabolic rally intensified on Wednesday as the price broke above $36,000 for the first time, sending a strong signal that the bull market still has further room to grow. The flagship cryptocurrency peaked at $36,574.47 on Bitstamp, easily surpassing its previous all-time high. The price has gained 8% on the day and more than 25% over the past week. At press time, Bitcoin was trading at $36,367. At the current value, Bitcoin’s market capitalization has grown to $669.2 billion, accounting for roughly 68.3% of the overall cryptocurrency market. Bitcoin’s latest breakout defies warnings that the market could be …

Shares in fund manager Grayscale Investments’ Ethereum Trust plummeted by 50% this past fortnight, despite Ethereum rallying by 75% over the same period. ETHE shares represent 0.09620794 of an Ether each and are currently trading for $13.80 — roughly a 21% premium over the spot price of ETH. Grayscale’s ETHE shares have been on a roller coaster ride, surging around 500% from $4.20 at the start of October, before topping out at $25 on Dec. 22. The shares have since plummeted by 50%, posting a local low of $12 on Jan. 5. Joshua Frank, the CEO of crypto data aggregator …

Grayscale Investments, the world’s largest cryptocurrency asset manager, announced Tuesday that it has liquidated its XRP holdings and used the remaining funds to buy up more Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). The decision affects Grayscale’s Digital Large Cap Fund, a market-cap-weighted asset that provides exposure to the largest cryptocurrencies by market capitalization. The sale of XRP occurred on Monday, less than a week after Genesis Global Trading, the fund’s authorized participant, announced it would soon temporarily suspend XRP trading, likely in relation to the lawsuit filed by the United States Securities and Exchange Commission against Ripple. Genesis …

The daily volume of the CME Bitcoin futures market and LMAX achieved a new all-time high on Monday. The data shows that institutional demand for Bitcoin (BTC) is rapidly surging as major public funds continue to accumulate. Institutional appetite for Bitcoin is accelerating According to analysts at Arcane Research, the daily volume of LMAX Digital reached a record-high at $2.62 billion. LMAX is a trading platform that tailors to institutional and accredited investors, unlike retail-focused platforms such as Coinbase and Binance. Arcane Research’s head of research, Bendik Norheim Schei, wrote: “Want another ‘Institutional investors are here’ chart? Here's the daily …

Institutional crypto investment giant Grayscale now has $20 billion under its control as its Bitcoin (BTC) buys outstrip production by almost three to one. As noted by data analysis resource Coin98 Analytics on Friday, Grayscale bought almost three times more BTC than the amount added to the market in December 2020. It's official: Miners can't produce enough Bitcoin Last month, the company added a total of 72,950 BTC ($2.132 billion) to its assets under management (AUM). During the same period, miners generated just 28,112 BTC ($821.7 million) — 38.5% of Grayscale's buy-in. The figures underscore what many have described as …

Bybt data apparently showing a massive liquidation of XRP and Stellar Lumen (XLM) by Grayscale Investments earlier this week is inaccurate, according to the investment company. On Wednesday, a public Bybt data set suggested that Grayscale Investments reduced its exposure to XRP by roughly 9.19 million units and that the fund also cut its XLM holdings by over 9.74 million units. According to Bybt data, the net change in holdings occurred over 24 hours on Tuesday. Cointelegraph accessed the data before Grayscale released its daily assets under management report for Tuesday and noted in an article that Grayscale had reportedly …

Update 12.31.2020 at 15:49 ET. Grayscale has clarified to Cointelegraph that despite the data set published by Bybt on Dec. 30, the fund has not liquidated positions in XRP or XLM. Grayscale's commentary is available here. Grayscale Investments, the world’s largest digital asset manager, has reportedly dumped a significant portion of its XRP and XLM holdings. Data from Bybt, a cryptocurrency futures trading platform, reveals that Grayscale’s XRP holdings declined by more than 9.18 million on Dec. 29, bringing its total position to 26.45 million XRP, worth $5.77 million at press time. On the same day, Grayscale reportedly liquidated over …