This has resulted in the share price of GBTC experiencing significant volatility, with fluctuations tied to Bitcoin’s price movements. With Bitcoin’s fourth halving nearing, whales are accumulating BTC – A sign of bullish sentiment amid supply dynamics. BTC is the way to go – Going In this article – to the moon! As Bitcoin goes through a consolidation phase, uncertainty looms over its future trajectory. In the wake of these developments, at the time of writing, Bitcoin was trading at $67,882.72 after appreciating by 1.28% in the last 24 hours. “And guess what? This all happened after Genesis agreed to give back around $2 billion to about 232,000 people who used Gemini Earn.

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Genesis, a crypto-lending company, has been grappling with financial challenges and potential bankruptcy for over a year now. The reason behind Genesis’s recent move? This move was likely prompted by the desire to capitalize on the recent surge in Bitcoin prices, as well as to raise funds to settle debts with creditors. According to a Bloomberg report, Genesis sold off around 36 million shares of GBTC to raise funds for acquiring more BTC.

The firm went on to observe that that substantial Bitcoin call buying, along with reduced leverage and a cautious trader stance, fosters market stability. That being said, he did acknowledge that this surge may not happen immediately, but could unfold gradually over time. In fact, he believes that Bitcoin could surge six to ten times post-halving as its impact isn’t fully priced. Despite these exchanges, however, Anthony Scaramucci anticipates a significant upside for Bitcoin ahead of the April halving event.

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