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Crypto Market picture
Bitcoin
returned to growth on Tuesday and was approaching $17.5K in early trading on
Wednesday, developing its smooth ascent to levels last seen in mid-December.
Total crypto
market capitalisation has risen 1% in the last 24 hours to $857bn, while top
altcoins are adding between 0.1% (Cardano) and 3.9% (XRP).
Bitcoin will
confirm its bullish trend if it consolidates above 17800 at the end – the
highest close of the day in December. In this case, the sequence of higher
highs will be started, whereas, since November, we only have a sequence of
higher local lows.
News background
Gemini
co-founder Cameron Winklevoss in another open letter, called on Digital
Currency Group (DCG) head Barry Silbert to step down due to $900 million in
outstanding debt.
Despite DCG’s
accumulated problems, the price of bitcoin trust Grayscale (GBTC) rose 12%
overnight thanks to news of Morgan Stanley’s $3.6 purchase of Grayscale
Investments’ bitcoin shares.
The discount
in the value of GBTC relative to NAV (bitcoin market price) fell to 38% from a
record 49% recorded on 13 December.
The former
CTO of the bankrupt FTX exchange has begun cooperating with the investigation,
which could shed light on the details of multi-million-dollar donations to US
politicians by FTX and its former head Sam Bankman-Fried.
Meanwhile, DeFi
project Ondo Finance has launched tokenised US Treasury bonds.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.