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ASSET CLASSES ACROSS THE BOARD ARE SEEING SELLING PRESSURE : GRAYSCALE CEO

ASSET CLASSES ACROSS THE BOARD ARE SEEING SELLING PRESSURE : GRAYSCALE CEO

In addition, events such as the collapse of the stablecoin terraUSD (UST) may add to the recent crypto recovery. However, a single asset manager sees a digital refund around the world coming soon.


"I think soon, we [crypto] will get our support," Greyscale Investments CEO Michael Sonnenshein told CoinDesk TV's "First Mover."


Grayscale, one of the biggest players in crypto and its sister company at CoinDesk, owns more than $ 25 billion in assets under management.


Sonnenshein also noted that after the collapse of UST, one of the largest algorithmic stablecoins, all stablecoins remain sensitive to the ecosystem even when they remain the backbone of crypto markets.


"Investors focus on things like stablecoin govern [and] providing security, and over time ensuring that the stablecoins involved actually work the way it is designed to do," he said.


To the detriment of its investors, tech stocks have also lost lower trading prices and trading pressure. Since the beginning of 2022, the price of bitcoin (BTC) has dropped by more than 35%.


However, Sonnenshein does not see a permanent decline. Like many in the world of crypto goods, you see the potential for a brighter future.


"I think the markets will continue to find their place," he said.


The Grayscale Bitcoin Trust (GBTC), a leading Greyscale investment vehicle that seeks to convert it into a trading platform (ETF), would like to attract those investors. The company hopes that the U.S. The Securities and Exchange Commission authorizes the conversion, although the SEC has not yet approved any ETFs that own real bitcoin. GBTC currently trades at a discount of about 30% of the total value of its assets.


Finally, Sonnenshein cites “market power activity,” which includes a shortage of funds, which contributes to GBTC and bitcoin trading prices.

Source: yahoo




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