- Grayscale experts suggest that the recent drop in cryptocurrency prices was influenced by negative trends in the stock market.
- Analysts from K33 suggest that while news events may have triggered the drop, a significant long liquidation was inevitable.
- According to experts, the price may rebound following the recent liquidations.
The recent sharp decline in Bitcoin prices has sparked numerous theories. One such theory involves Grayscale, a major player in the cryptocurrency market. However, the company denies any direct involvement in the price drop and has shared its own theories. So, what do experts think about the recent price fluctuations?
Grayscale and Cryptocurrencies
Grayscale Investments is currently involved in an ongoing lawsuit against the Securities and Exchange Commission, with no decision yet made. Many experts were anticipating a decision on Friday regarding the company’s plans for a spot bitcoin ETF. The recent crash has been linked to these expectations.
Amidst all this excitement, over $1 billion in leveraged positions were liquidated in the last 24 hours, pushing Bitcoin below $26,000 for the first time in two months. According to CoinGecko, Bitcoin’s price fluctuated throughout Friday, largely remaining around the $26,000 mark.
In a report released on Friday, Grayscale suggested that the declines appeared to be related to “macro factors” and denied any connection with their ongoing lawsuit against the SEC.
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