The world’s biggest Bitcoin fund is selling off faster than the cryptocurrency itself. The $32 billion Grayscale Bitcoin Trust (ticker GBTC) has plunged 20% this week, outpacing a 13% decline in the world’s largest cryptocurrency. “It’s almost like the price of GBTC is an amplified version of Bitcoin price." Bitcoin surged to a record of over $58,000 last weekend, but has stumbled since. “It’s certainly a risk, no question about it, but ultimately price discovery in GBTC every day is driven entirely by market forces," Sonnenshein said.

Source: Mint February 26, 2021 00:05 UTC