Stronger

Bitcoin

Gold

Grayscale Bitcoin Trust

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/uss-largest-crypto-exchange-stands-stronger-after-recent-developments/" data-wpel-link="internal">US’s Largest Crypto Exchange Stands Stronger After Recent Developments</a> 
The largest crypto exchange by volume in the US has now become stronger following the developments of the last few years. Its biggest competitor, FTX, has gone bankrupt, and the US arm of <a href="https://en.coin-turk.com/cyber-coins-price-surges-as-binance-announces-futures-listing/" data-wpel-link="internal">Binance</a> is struggling with lawsuits. On the other hand, it provides custody services to issuers of Spot Bitcoin ETFs, holding a large slice of the pie in the US crypto <a href="https://newslinker.co/category/business/" data-wpel-link="exclude">business</a>. 
<h2 style="text-align: justify" id="gbtc-sales">GBTC Sales</h2> 
Bitcoin price rose again after dropping to $50,625 yesterday, but continues to linger around the $51,500 region. Macroeconomic data was disappointing, and recently, Genesis received court permission for a $1.6 billion crypto sale. 
The latest market report published by Coinbase addresses the approval for the sale of shares in Grayscale Bitcoin Trust (GBTC) by the bankrupt crypto lending company Genesis. According to the report, this development is not expected to cause significant negativity in the cryptocurrency markets. 
The court approval given on February 14 allows for sales to make payments to creditors. $1.3 billion of this is comprised of GBTC shares, and while GBTC outflows have fallen to as low as $50 million, investors interpreted this as a signal of decline. 
<h2 style="text-align: justify" id="coinbase-report">Coinbase Report</h2> 
The weekly report published by Coinbase discusses current developments and significant events. Experts believe “a large portion of these funds will remain within the crypto ecosystem, contributing to a neutral overall effect on the market.” Moreover, according to the bankruptcy plan, shares can be converted to BTC or sold for cash distribution. 
Senior analyst Sam Callaghan from Swan Bitcoin thinks the Genesis sales will stabilize the markets. Experts expecting a short-term BTC decline point to a slowdown in net inflows to ETFs as the main signal. Whether this is triggered by Genesis sales is uncertain, but last week’s daily average of $450 million in net inflows indicates a strong position is still maintained. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-316242 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/BTC-vs-Altin-ETF.webp" alt="" width="1119" height="507"> 
Furthermore, the report highlights that the first 30 days of net inflows into spot Bitcoin ETFs have surpassed the initial monthly net inflows of State Street’s SPDR Gold Shares ETF. BTC, competing with gold and even termed digital gold, has made such an exciting start, which is promising for the peak of the (predicted) bull market we are in. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/uss-largest-crypto-exchange-stands-stronger-after-recent-developments/" data-wpel-link="internal">US’s Largest Crypto Exchange Stands Stronger After Recent Developments</a></h5>

US’s Largest Crypto Exchange Stands Stronger After Recent Developments

Table of Contents

COINTURK NEWS

Other articles published on Feb 18, 2024

$PORK vs GROK: Which One’s Strongest Community-Driven Meme Coin?

Shiba Inu (SHIB) holders love DeeStream (DST) as presale headlines continue and Bitcoin Cash (BCH...

Cardano Price Predictions By Google Bard and ChatGPT: $10; $20 and $30 Targets

Filecoin partners with Solana to revolutionize blockchain storage

Bitcoin Gold Price Prediction: Will BTG Price Hit $30 Mark?

Bitcoin attracts whales, but a big hurdle lies ahead

Join our free newsletter for daily crypto updates!