Feb 16, 10:21 pm
Decrypt
Is Bitcoin’s Price Resilient Enough To Power Through Genesis Plan to Sell $1.6 Billion in GBTC Shares?
The price of Bitcoin has surged to new highs, reminiscent of the 2021 bull run. However, concerns arise as a U.S. bankruptcy judge grants permission for bankrupt crypto lender Genesis to sell $1.6 billion in Grayscale Bitcoin Trust (GBTC) shares. While experts believe the selling may not have a significant impact on Bitcoin’s price due to the strong demand for newly approved spot exchange-traded funds (ETFs), there is still uncertainty about the potential consequences.