Dash is a cryptocurrency that was created in 2014. The cryptocurrency is like Bitcoin, but with some key differences. Dash offers a decentralized governance model called Masternodes. These nodes run the protocol and provide decentralized governance for the blockchain. They also allow Dash to act as a digital currency exchange, for merchants to accept Dash, and also give users the ability to spend their Dash in the real world.
Grayscale, a subsidiary of Digital Currency Group, has announced the launch of Bitcoin Investment Trust (OTC: GBTC). The trust will trade under the ticker GBTC and will hold between 16,000 and 20,000 bitcoin, which at current prices would be valued at $625 million to $750 million. The company plans to sell 10 percent of its shares to the public, and the remaining shares will be held by Digital Currency Group.
As the accumulation phase comes to an end, we are seeing a sharp drop in selling pressure on bitcoin, which could reach zero in the coming month. Grayscale, a giant in the institutional space, currently manages $24 billion in bitcoin assets, and with bitcoin hovering above $40,000, everyone is talking about it. According to Cointelegraph, major market players closely monitor the actions of buyers and sellers of Grayscale Bitcoin Trust, which operates with regular closing periods. This year they take place at the same time, when the purchase price is traded at a discount to the cash price. Institutional market players also claim that GBTC’s premium will reach a negative level of the difference between its market price and the value of its own assets. This raises serious concerns for long-term investors, as their assets are tied up for long periods and investors can only withdraw their assets at certain times. Grayscale Trust will be on the 19th. July is unlocked, and we can expect increased volatility when 16,000 BTC worth over 625 million is unlocked. Price action will undoubtedly show a higher bullish picture when the bulls break through long established resistance lines. Some internal indicators also point to the same upside potential. The adjusted SOPR is back above the 1.0 threshold and we are no longer seeing coins sold at a loss. It also tells us that this is the deepest pullback since March 2020 and that the bears no longer control the market. A double bottom or higher bottom indicates that we are at the end of a downtrend and the bulls are ready to take control of the market. In conclusion, profit taking is almost over and we will see a great start for bitcoin next month. Negative GBTC premiums will increase volatility and the number of sellers will reach zero. Open interest in futures is also on the rise again and could drop significantly in the event of a strong upward or downward move. What was a no man’s land just a few weeks ago is now showing signs of significant upward movement. So prepare for volatility and see how bitcoin will perform over the next month. Kartikeya Gutta, born and raised in India, is a cryptocurrency journalist and freelance writer for the website itsBlockchain. It covers various aspects of the industry through in-depth analysis and research. His passion for blockchain and the crypto-ecosystem is largely because he believes it can truly change the world and help millions of people.
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