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


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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).

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


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