{"id":509233,"date":"2022-11-18T19:21:49","date_gmt":"2022-11-18T19:21:49","guid":{"rendered":"https:\/\/wncen.com\/?p=509233"},"modified":"2024-06-11T08:05:06","modified_gmt":"2024-06-11T08:05:06","slug":"why-bitcoin-is-not-at-risk-of-knocking-10000-if-grayscale-increases-selling-pressure","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-is-not-at-risk-of-knocking-10000-if-grayscale-increases-selling-pressure\/","title":{"rendered":"Why Bitcoin Is Not At Risk Of Knocking $10,000 If Grayscale Increases Selling Pressure"},"content":{"rendered":"

The crypto market has seen extreme selling pressure over the past week, with Bitcoin recording a fresh yearly low below its current levels. The number one crypto by market cap is entangled in the collapse of crypto exchange FTX and its subsequent fallout.\u00a0<\/span><\/strong><\/p>\n

Related Reading: Is Binance CEO Changpeng Zhao To Blame For FTX Collapse?<\/a><\/div>\n

As of this writing, Bitcoin (BTC) trades at $16,650. In the last 24 hours, the cryptocurrency records sideways price action with a 5% in the previous week. Other cryptocurrencies in the top 10 by the market are following a similar trajectory and are trending to the downside.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Market At Risk Of Further Downside?<\/h2>\n

In the collapse of FTX, many companies have had to declare bankruptcy. Contagion is spreading across the nascent industry, which might affect major players, including the Grayscale Bitcoin Trust (GBTC), run by Digital Currency Group (DGC).\u00a0<\/span><\/p>\n

The FTX fallout impacted one of DGC’s subsidiaries, crypto lender Genesis. Yesterday, this company halted new withdrawal requests from its customers, citing a liquidity crunch triggered by FTX’s downfall. The company stated<\/a>:\u00a0<\/span><\/p>\n

The default of 3AC negatively impacted the liquidity and duration profiles of our lending entity Genesis Global Capital. Since then, we have been de-risking the book and shoring up our liquidity profile and the quality of our collateral (\u2026). FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity.<\/p><\/blockquote>\n

Genesis’ parent company DCG claims it was unaffected by recent events. However, there are speculations about a possible capitulation event within the investment firm and its other subsidiaries, including the GBTC.\u00a0<\/span><\/p>\n

One of the largest Bitcoin holders in the world with over 600,000 BTC valued at over $13 billion and 3 million ETH valued at $3.7 billion, if Grayscale or DCG become forced sellers, the crypto market will likely see fresh lows. According to the rumors shared<\/a> by a member of the crypto community:\u00a0<\/span><\/p>\n

We’re hearing semi-credible rumors that Genesis may be having solvency issues (\u2026). We are aware that Grayscale controls GBTC and ETHE, not Genesis. DCG (the parent company of Genesis and Grayscale) is backstopping Genesis, and dissolving the trusts may be necessary if there is a solvency issue, and if it is big enough.<\/p><\/blockquote>\n

Bitcoin Unlikely To Keep Declining<\/h3>\n

A separate report from the trading desk QCP Capital claims Grayscale is unlikely to liquidate its Bitcoin holdings. The firm operates under the U.S. Securities and Exchange Commission (SEC) supervision.\u00a0<\/span><\/p>\n

Related Reading: Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains<\/a><\/div>\n

QCP Capital believes the SEC is unlikely to authorize a “one-off redemption for Genesis to meet liquidity needs.” The firm noted:\u00a0<\/span><\/p>\n

With all of the SEC’s opposition to GBTC this year, we certainly don’t expect this to happen anytime soon. On the bright side this also means a low chance of a large one-off BTC selling pressure from this.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The crypto market has seen extreme selling pressure over the past week, with Bitcoin recording a fresh yearly low below its current levels. The number one crypto by market cap is entangled in the collapse of crypto exchange FTX and its subsequent fallout.\u00a0 Related Reading: Is Binance CEO Changpeng Zhao To Blame For FTX Collapse? As of this writing, Bitcoin (BTC) trades at $16,650. In the last 24 hours, the cryptocurrency records sideways price action with a 5% in the previous week. Other cryptocurrencies in the top 10 by the market are following a similar trajectory and are trending to the downside.\u00a0 Bitcoin Market At Risk Of Further Downside? In the collapse of FTX, many companies have had to declare bankruptcy. Contagion is spreading across the nascent industry, which might affect major players, including the Grayscale Bitcoin Trust (GBTC), run by Digital Currency Group (DGC).\u00a0 The FTX fallout impacted one of DGC’s subsidiaries, crypto lender Genesis. Yesterday, this company halted new withdrawal requests from its customers, citing a liquidity crunch triggered by FTX’s downfall. The company stated:\u00a0 The default of 3AC negatively impacted the liquidity and duration profiles of our lending entity Genesis Global Capital. Since then, we have been de-risking the book and shoring up our liquidity profile and the quality of our collateral (\u2026). FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity. Genesis’ parent company DCG claims it was unaffected by recent events. However, there are speculations about a possible capitulation event within the investment firm and its other subsidiaries, including the GBTC.\u00a0 One of the largest Bitcoin holders in the world with over 600,000 BTC valued at over $13 billion and 3 million ETH valued at $3.7 billion, if Grayscale or DCG become forced sellers, the crypto market will likely see fresh lows. According to the rumors shared by a member of the crypto community:\u00a0 We’re hearing semi-credible rumors that Genesis may be having solvency issues (\u2026). We are aware that Grayscale controls GBTC and ETHE, not Genesis. DCG (the parent company of Genesis and Grayscale) is backstopping Genesis, and dissolving the trusts may be necessary if there is a solvency issue, and if it is big enough. Bitcoin Unlikely To Keep Declining A separate report from the trading desk QCP Capital claims Grayscale is unlikely to liquidate its Bitcoin holdings. The firm operates under the U.S. Securities and Exchange Commission (SEC) supervision.\u00a0 Related Reading: Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains QCP Capital believes the SEC is unlikely to authorize a “one-off redemption for Genesis to meet liquidity needs.” The firm noted:\u00a0 With all of the SEC’s opposition to GBTC this year, we certainly don’t expect this to happen anytime soon. On the bright side this also means a low chance of a large one-off BTC selling pressure from this.<\/p>\n","protected":false},"author":535,"featured_media":508925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-509233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin To Crash To $10K If Grayscale Increases Selling Pressure?<\/title>\n<meta name=\"description\" content=\"The crypto market has seen extreme selling pressure over the past week, with Bitcoin recording a fresh yearly low below its current levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Is Not At Risk Of Knocking $10,000 If Grayscale Increases Selling Pressure","url":"http:\/\/wncen.com\/news\/why-bitcoin-is-not-at-risk-of-knocking-10000-if-grayscale-increases-selling-pressure\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoin-is-not-at-risk-of-knocking-10000-if-grayscale-increases-selling-pressure\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?fit=350%2C350"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-11-18T19:21:49Z","datePublished":"2022-11-18T19:21:49Z","dateModified":"2024-06-11T08:05:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Is Not At Risk Of Knocking $10,000 If Grayscale Increases Selling Pressure\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-is-not-at-risk-of-knocking-10000-if-grayscale-increases-selling-pressure\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-is-not-at-risk-of-knocking-10000-if-grayscale-increases-selling-pressure\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?fit=350%2C350\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-11-18T19:21:49Z\",\"datePublished\":\"2022-11-18T19:21:49Z\",\"dateModified\":\"2024-06-11T08:05:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?fit=350%2C350","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509233"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=509233"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/508925"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=509233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=509233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=509233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}