Here are the three biggest stories in crypto to look out for this coming week

Quick Take

  • Miami’s busiest week of the year is about to kick off as Art Basel gets underway.
  • Sam Bankman-Fried is set to appear at NYT’s DealBook summit this week, although it’s expected he’ll be dialing in virtually. 
  • GBTC’s discount to NAV hit an all-time low last week, which will be something to watch as Genesis grapples with liquidity issues.

Here are the main stories and events to keep an eye on in the coming week. 

Last week was relatively muted when compared with the previous week. However, things could heat up again after the holiday weekend in the U.S.

Art Basel kicks off in Miami

It's Miami's busiest week of the year. Here's what you need to know if you're heading to the 305. 

Of course, Art Basel is not just about the actual art. The week has taken on a tech and web3 vibe in the last few years. Whether you want to collect individualized NFTs, test out a decentralized ride-sharing application or do some good old-fashioned networking, The Block has got you covered. Check our guide to Art Basel here

The MiamiWeb3 summit kicks off proceedings on Monday.

Sam's big day out

Janet Yellen, Mark Zuckerberg and Larry Fink are some of the big names set to speak at the New York Times' DealBook summit on Nov. 30. Sam Bankman-Fried is also on the list of speakers, alongside movie stars and national leaders, despite the collapse and subsequent bankruptcy filing by FTX and its related companies. Despite all that has followed. 

Bankman-Fried took a breather from cryptic tweeting last week, but whatever he has to say for himself on Wednesday, even if virtually,  is sure to be of interest to the thousands of customers and investors left looking for answers.

GBTC discount

Following the collapse of FTX, contagion has gripped crypto markets.

So-called Sam coins felt the heat as the exchange went under, but now one of the crypto market's most popular financial products is under pressure.

Grayscale's Bitcoin Trust — which offers bitcoin exposure through a fund structure — discount to NAV hit an all-time low of -45.2% last week. The fund's discount then showed signs of recovering, lifting off its lows throughout the week. However, it ended the week back above -40%.

Uncertainty over Grayscale's parent company, Digital Currency Group, which also owns troubled crypto lending firm Genesis Capital, is having a negative effect on GBTC. 

In other GBTC-related news, the fund's issuer, Grayscale, alleged that the SEC harmed investors by rejecting its application to convert the fund to a spot bitcoin ETF. The SEC has until Dec. 9 to respond to the firm's petition.

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