Bitcoin, crypto prices higher, Grayscale's GBTC discount to NAV narrows

Quick Take

  • Bitcoin was trading around $16,800, up 0.6% over the past day. Ether gained over 2.5% to trade above $1,200.
  • Crypto stocks were trading lower, while Grayscale’s GBTC fund’s discount to net asset value  narrowed. 

Crypto prices rose marginally and most crypto-related stocks were lower shortly after the open. 

Bitcoin was trading at around $16,800 at 9 a.m. EST, up 0.6% over the past 24 hours, according to TradingView data. 

Ether was up more than 2.5% to move back above $1,200. Binance's BNB added 0.5%, Ripple's XRP gained 2.5%, and Polygon's MATIC was up 0.7%. 

Dog-themed memecoins were trading lower, with dogecoin dropping 4%, and shiba inu down 3.7%. 

Crypto stocks and structured product

U.S. stock indices fell with the S&P 500 shedding 0.15% and the Nasdaq 100 losing 0.66%.

Coinbase was down about 1.6%, while shares of Silvergate fell by 1.2% at 9:45 a.m., according to Nasdaq data. MicroStrategy shares were flat, and Block traded down by around 2%. 

Grayscale's GBTC fund's discount to net asset value (NAV) narrowed to 46.4% from 48%, according to The Block's data. 

Grayscale revealed yesterday it will explore how to return up to 20% of GBTC's capital to shareholders if it cannot turn the product into an exchange-traded fund (ETF).

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