Bitcoin

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<a href="https://en.coin-turk.com/cryptocurrency-market-recovers-despite-ongoing-sec-lawsuits/" data-wpel-link="internal">Bitcoin</a> has managed to exceed $28,000 again, fascinatingly in a month when the SEC has successively sued the two largest cryptocurrency exchanges. This is electrifying because trillions dollar giants are accelerating their steps in cryptocurrency. More importantly, the improvement on the G<a href="https://en.coin-turk.com/binance-relaunches-the-bitcoin-button-game-amidst-challenges/" data-wpel-link="internal">BTC</a> side is significant, DCG founder Silbert might be sleeping more comfortably these days.&nbsp; 
<h2 style="text-align: justify;" id="gbtc-negative-premium-declines">GBTC Negative Premium Declines</h2> 
The GBTC is a Bitcoin trust and lacks redemption capabilities like an ETF. Rumors about the company and negative events related to cryptocurrencies have often brought it below its inherent value. However, for the first time since May 4, the negative premium for GBTC fell to -36.61%. This metric is crucial to track how far a security trades from its actual value. It’s particularly important for closed-end funds (CEFs) since they don’t issue additional shares after the initial offer. This can lead to the price deviating from the actual net asset value of the funds.&nbsp; 
<img decoding="async" loading="lazy" class="aligncenter wp-image-85516 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/gbtc.png" alt="" width="1370" height="592" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/gbtc.png 1370w, https://en.coin-turk.com/wp-content/uploads/2023/06/gbtc-300x130.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/gbtc-768x332.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/gbtc-1200x519.png 1200w" sizes="(max-width: 1370px) 100vw, 1370px"> 
So why is GBTC’s negative premium declining? Why is the price rising to where it should be? The reason is the increasing GBTC demand. As we previously announced, demand for GBTC can continue to increase in this process, and we may see rapid steps in the Grayscale-SEC case (withdrawal of the case, SEC’s reconciliation, etc.). BlackRock announced its application at the last minute. This company is the largest asset management company globally and in the US. Therefore, experts believe that its intention to enter the Bitcoin ETF business will succeed.&nbsp; 
The SEC found an opponent to match its rise, and BlackRock is not a company that the SEC can fight much, both politically and economically. It’s not very plausible to say, especially after granting a futures ETF approval, that we are not giving approval to Spot ETF again due to market volatility. In a possible case, BlackRock’s power could crush Gensler and his team.&nbsp; 
<h2 style="text-align: justify;" id="span-data-contrast-auto-cryptocurrencies-may-rise-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Cryptocurrencies May Rise&nbsp;</h2> 
Bitcoin is currently finding buyers near $28,100, but it’s hard to speak of a clear return without forming a new support above $31,000. If it’s like the PayPal news in 2020, the following weekly closings should be with a green candle as it was last week and probably will be this week. That is, the steady rise in price should continue.&nbsp; 
If BTC continues this movement by making higher lows, Genesis FUD may no longer be a threat for the market. The rising markets and the falling negative premium of GBTC are pleasing DCG founder Silbert the most.&nbsp; 
The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoin-surpasses-28000-despite-legal-action-against-top-crypto-exchanges/" data-wpel-link="internal">Bitcoin Surpasses $28,000 Despite Legal Action Against Top Crypto Exchanges&nbsp;</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Surpasses $28,000 Despite Legal Action Against Top Crypto Exchanges

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