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Grayscale Bitcoin Trust edges higher with Bitcoin, but still down on the week

Grayscale Bitcoin Trust edges higher with Bitcoin, but still down on the week


Seeking Alpha
2021-09-22 14:38:40
Grayscale Bitcoin Trust edges higher with Bitcoin, but still down on the week

Grayscale Bitcoin Trust ((OTC:GBTC +1.8%)) rises a bit on Wednesday as the most popular cryptocurrency, bitcoin ((BTC-USD +0.2%)), edges higher. But both are still trading at levels not seen since early-August. GBTC is off by ~10% in the past five trading sessions, while bitcoin (BTC-USD) is down 11%, yet to fully recover from China's real estate sector troubles. Still, the modest upside move could be enhanced by some easing in the Evergrande (OTCPK:EGRNF) conundrum, as shares of the Chinas largest property developer rebound after its subsidiary pledges to pay Thursday's coupon payment on time. Miller Value Partners recently said Grayscale's (OTC:GBTC) pullback in Q2 is normal after a 103% increase, implying the current trend is healthy despite bearish headlines that assisted the 41.5% decline. Although bitcoin (BTC-USD) may be in its early stages of adoption, "We believe bitcoin has significant upside potential as a form of 'digital gold'", Miller Value

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