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Market picture
Bitcoin returned to growth on Tuesday and approached $17.5,000 in early trading on Wednesday, expanding its smooth ascent to levels last seen in mid-December.
The total crypto market capitalization has increased by 1% in the past 24 hours to $857 billion, while major altcoins add between 0.1% (Cardano) and 3.9% (XRP).
Bitcoin will confirm its uptrend if it consolidates above 17800 on the close – the day’s high close in December. In this case, the sequence of higher highs will be started, whereas, since November, we only have a sequence of local higher highs.
News Background
Gemini co-founder Cameron Winklevoss in another open letter called on Digital Currency Group (DCG) head Barry Silbert to resign over $900 million in unpaid debt.
Despite DCG’s mounting problems, the price of bitcoin trust Grayscale (GBTC) rose 12% overnight on news that Morgan Stanley had purchased Grayscale Investments bitcoin stock for $3.6. GBTC’s discount to net asset value (market price of bitcoin) fell to 38% from a record low of 49% on December 13.
The former CTO of bankrupt exchange FTX has started cooperating with the investigation, which could shed light on the details of multimillion-dollar donations to US politicians by FTX and its former chief Sam Bankman-Fried.
Meanwhile, the DeFi project Ondo Finance launched tokenized US Treasuries.
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