Crypto Market Shakes as BlackRock Files for Bitcoin ETF and GBTC Soars

The uninterrupted downfall over the past 1.5 years has caused numerous cryptocurrency companies to face significant difficulties, leading to bankruptcy for over ten of them. These ripple effect bankruptcies, mainly caused by crypto loans granted to hedge funds, also highlight some general issues that all companies face. For instance, a decrease in volume has so significantly reduced crypto exchange revenues that they were forced to lay off thousands of employees. However, things seem to be turning around. BlackRock’s plans for Bitcoin have already begun to stimulate excitement among institutional investors. Data from CoinGlass reveals that the Grayscale Bitcoin Trust (GBTC) hit near 2023 highs on June 17, with the GBTC “premium” dipping below -37%. This shift in market sentiment came after news surfaced that BlackRock had applied to launch a Bitcoin spot price exchange-traded fund (ETF). This announcement led to a modest recovery in Bitcoin market sentiment late last week. […] The post Crypto Market Shakes as BlackRock Files for Bitcoin ETF and GBTC Soars appeared first on COINTURK NEWS.