Genesis Gets Green Light for GBTC Sell-Off: But Fear Not, Says Coinbase
Key Takeaways:
- Cryptocurrency exchange Coinbase goes all Zen on the potentially disastrous sell-off of Genesis’ Grayscale Bitcoin Trust (GBTC) shares, stating that it won’t upset the Bitcoin boat. Panic? Not on our watch!
- Genesis has been given the legal thumbs up to liquidate approximately $1.3 billion worth of GBTC as part of their bankruptcy proceedings. They probably didn’t expect to clear out their Bitcoin piggybank.
- That follows on the savvy heels of Grayscale Investments, who on Jan. 10, got the go-ahead to convert GBTC into a Bitcoin exchange-traded fund (ETF). Who said anything about the crypto industry not being nimble?
- There has been a mad dash out the GBTC door, with outflows surpassing $5 billion. Some fear this might put a significant dent in Bitcoin’s glossy exterior.
The JustInvestNews Hot Take
The crypto world, it seems, isn’t more immune to bankruptcy and sell-offs than my Aunt Gertrude is to a good deal at the local thrift shop. However, Coinbase’s stand of ‘Don’t worry, be crypto’ is a refreshing show of posi-vibes amid the chaos of an impending large-scale sell-off. Let’s circle back to this if and when Bitcoin’s price does as the cha-cha slide and dips to the left. Composure intact, cryptoverse. Composure intact.
#CoinbaseCalm #CryptoConcerns #GenesisSellOff #GBTCslide
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Original article: https://cointelegraph.com/news/genesis-bankruptcy-gbtc-outflows-bitcoin-coinbase-crypto-exchange
