Bitcoin Price Prediction as BTC Jumps 6% From Recent Lows – Big Move Incoming?
On Sunday, November 20, the total cryptocurrency market cap is $821 billion, 1.93% lower than yesterday. The market cap of DeFi coins has decreased by 1.83%.
Bitcoin, the leading cryptocurrency, has remained mostly unchanged, up 6% from a recent low of $15,828. Since Bitcoin has been trapped below $17,000 for days, there has been no significant movement in the asset.
With trading volumes being so low, this was to be expected to some degree. This has a domino effect on the alternative coins, with Ethereum (ETH) in particular struggling to maintain above $1,200.
Let's have a look at the fundamental events impacting the cryptocurrency market today.
Grayscale's impending collapse is of greater concern now that the Bitcoin fund has refused to release proof of reserves.
When asked why it couldn't publish its wallets on November 18, the investment firm used a Twitter thread to blame security concerns for the uproar. As Grayscale and Genesis are both owned by Digital Currency Group, skepticism regarding the company's financial stability has increased.
The crypto world wondered how this could influence Grayscale and its key product, GBTC. Reports that Genesis was unable to gather $1 billion before stopping withdrawals also fuelled the flames.
On its Twitter thread, Grayscale claims to create a separate company for each product. It claimed that sales of the underlying assets could not occur due to regulations surrounding its digital asset offerings. It was also mentioned that Coinbase Custody Trust Company is the custodian.
Neither Grayscale nor its parent business owns the Bitcoins used to back the GBTC product.
Grayscale’s Twitter thread further mentioned:
"Because of security concerns, we do not make publicly available such on-chain
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