Grayscale fund unlock, Europe boycotts crypto: Can Bitcoin Survive?

grayscale-fund-unlock-europe-boycotts-crypto-can-bitcoin-survive

Since May, crypto volumes have been falling. Bitcoin, the largest cryptocurrency by market cap, is exchanging hands at $32,000. It has been struggling to take back $35,000 multiple times in the past few weeks and failed. Ethereum, the world’s second-largest crypto, also shed almost 50% of its value from $4,000 to $2,000. 

With Bitcoin continuing to make lower lows, investors can’t help but wonder whether the bear market is upon us. Besides, with the prospect of increased interest rates and tighter regulations, many investors have grown tired of BTC and altcoins. Worse still, in the coming weeks, Bitcoin is to confront two hurdles; whether or not it could overcome them may determine which direction Bitcoin will go in the short term. 

The Grayscale Bitcoin Trust is scheduled to unlock in July. The trust has 650,000 bitcoins under management, and about 5% of the fund will be unlocked within the period. July 17 is one of the largest days of the unlock period. The fund has been trading at a discount for a few weeks. The market expects that when the trust expires, investors will sell a portion of their holdings, thus exerting downward pressure on the prices of GBTC and Bitcoin. 

Another thing concerns investors is the tight regulation from Europe on cryptocurrencies. Binance, one of the biggest crypto exchanges in the world, is banned from operating in the UK. Now Binance has temporarily suspended euro bank deposits through the Single Euro Payments Area. With Europe placing CBDC  on the agenda, Bitcoin is expected to face fierce competition in European markets. 

Traders are waiting for a clear sign anxiously, but the market sentiments are dominated by the bears. While now may not be a good time for spot trading, traders can earn profits by shorting bitcoin with futures contracts. 

How To Invest In The Downside?

Futures trading is one of the most popular tools to grow your wealth. You can benefit from price swings to earn money by speculating the direction of crypto’s price. Bexplus is a leading crypto derivatives platform accredited by MSB (Money Services Business). Bexplus offers 100x leverage in BTC, ETH, Dogecoin, LTC, and XRP futures contracts. Headquartered in Hong Kong, Bexplus is trusted by over 800K traders from over 200 countries/regions, including the USA, Japan, Korea, and Iran. No KYC, no deposit fee, traders can receive the most attentive services, including 24/7 customer support. 

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Every user is given 10 BTC at the beginning, and they are replenishable, so you can try out different strategies as much as you like. 

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grayscale-fund-unlock-europe-boycotts-crypto-can-bitcoin-survive

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