Grayscale’s GBTC Trust Unlocking May Impact Bitcoin’s Price Value

The idea that Bitcoin hashrates are recovering is proving to be a positive trend for the BTC price. It has been noted by different crypto market analytics that accumulation for the beacon coin has started to improve. The mining crackdown in China resulted in the depletion of Bitcoin hashrates. At present, it seems that the hashrates have started to recover.

While one bull repellent function of the market has subsided, another evil is on the rise. The traders are speculating and debating the effects of Grayscale GBTC Trust unlocking valued at $550 million. After the unlocking, Grayscale shareholders will be free to trade their GBTC shares on the free market after waiting for six months. Crypto data aggregators TradingView and CoinTelegraph Pro’s downtrend for Bitcoin price value keeps dragging on below $33,000 as bears took hold of the market.

Grayscale has Filed Applications with SEC for Establishing New Crypto Funds

Grayscale crypto Trust is expected to expand in the upcoming weeks. The investment giant has submitted three additional forms and ten registration applications at the Securities and Exchange Commission recently. If the said applications are approved, it will make the total number of publically traded crypto trusts five. New altcoin trusts with Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) will join the ranks of Bitcoin and Ethereum 2.0.

Meanwhile, since the China mining crackdown, Glassnode data projections indicate that almost 29% of hash power has been recovered. When the Chinese government shut down the major mining projects, BTC hashrates went down by 55%. This resulted in increased selling pressure from miners to gather funds for moving into foreign territories in the last month. At present, the net position Change index for miners shows that selling pressure subsides in favor of the accumulation by reestablished mining enterprises.

Crypto price aggregator Coin360 notes that the altcoin market is lit with red candles across the board. This new trend has been connected to the recent pullback in Bitcoin since Monday. The intensified sell-off saw Ether 2.0 going back to the $2000 support level while investors seemed eager to opt out.

Altcoins like Metal, Revair, Stratis, and Injective protocol were able to gain momentum in the middle of chaos. MTL gained 18%, and REV, STRAX, INJ were appreciated by 12% on July 12. At present, the crypto market cap is valued at $1.354 trillion.

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