Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<h2 id="quick-take">Quick Take</h2>
This past week has been chock-full of significant events within the financial and cryptocurrency markets, with potential global ramifications. In an episode earlier this week, <a href="https://cryptoslate.com/contradictory-news-of-potential-greenlit-blackrock-bitcoin-etf-shoots-btc-to-30k-and-back/" rel="noopener noreferrer nofollow">Cointelegraph</a> erroneously announced the approval of BlackRock’s spot Bitcoin ETF, which sent Bitcoin from roughly $27,500 to $29,000.
Grayscale Bitcoin Trust (GBTC) experienced a contraction in its discount to net asset value (NAV), reducing it to 12%. This movement suggests that investors are potentially anticipating approval of a spot Bitcoin ETF in the near future.
<figure id="attachment_366763" aria-describedby="caption-attachment-366763" style="width: 100%" class="wp-caption alignnone"><img class="wp-image-366763 size-full" style="font-weight: bold; color: #333333;" src="https://cryptoslate.com/wp-content/uploads/2023/10/GBTC.png" alt="GBTC Performance: (Source: Trading View)" width="1329" height="863" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/GBTC.png 1329w, https://cryptoslate.com/wp-content/uploads/2023/10/GBTC-300x195.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/GBTC-1024x665.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/GBTC-768x499.png 768w" sizes="(max-width: 1329px) 100vw, 1329px">
 <figcaption id="caption-attachment-366763" class="wp-caption-text">
 GBTC Performance: (Source: Trading View)
 </figcaption>
</figure>
In the meantime, Bitcoin has made headlines with <a href="https://cryptoslate.com/insights/amid-market-turbulence-okx-and-bitstamp-reflect-bitcoins-volatile-exchange-climate/" rel="noopener noreferrer nofollow">substantial outflows</a> from exchanges, leading to a <a href="https://cryptoslate.com/insights/bitcoin-exchange-balance-plummet-to-year-to-date-low/" rel="noopener noreferrer nofollow">year-to-date low</a>. This, along with the cryptocurrency surpassing the milestone $30,000 level, indicates a shift in investor strategy towards a long-term holding pattern.
Notably, this week has marked Bitcoin’s fifth best week this year, with the cryptocurrency surging approximately 9%. These gains, impressive in their own right, assume greater significance given the backdrop of geopolitical uncertainty and financial instability.
In the broader global context, the conflict in Israel has left its mark on the markets. Bitcoin and gold, often considered<a href="https://cryptoslate.com/insights/bitcoin-advances-as-gold-and-markets-show-resilience-amid-geopolitical-unrest/" rel="noopener noreferrer nofollow"> safe-haven assets</a>, have appreciated roughly by 6%, indicating their resilience in uncertain times. Simultaneously,<a href="https://cryptoslate.com/insights/echoes-of-07-10-year-u-s-treasury-note-yield-rises-to-pre-crisis-levels/" rel="noopener noreferrer nofollow"> U.S. treasuries</a> are making new cycle highs unseen in 15 years.
<figure id="attachment_366774" aria-describedby="caption-attachment-366774" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-366774 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/gold.png" alt="BTC and Gold: (Source: Trading View)" width="1329" height="863" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/gold.png 1329w, https://cryptoslate.com/wp-content/uploads/2023/10/gold-300x195.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/gold-1024x665.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/gold-768x499.png 768w" sizes="(max-width: 1329px) 100vw, 1329px">
 <figcaption id="caption-attachment-366774" class="wp-caption-text">
 BTC and Gold: (Source: Trading View)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bitcoin-stays-resilient-as-global-instability-looms/">Bitcoin stays resilient as global instability looms</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin stays resilient as global instability looms

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