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12/12/2022

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Bitcoin flirts with $17,000 as Binance token price plunges with big week ahead for markets - BitcoinEthereumNews.com

Cryptocurrencies and crypto-related stocks had a mixed start to the week, while GBTC saw the discount on the fund’s net asset value approach 50%.Bitcoin whipsawed above and below $17,000 over the past 24...

Bitcoin flirts with $17,000 as Binance token price plunges with big week ahead for markets - BitcoinEthereumNews.com

Cryptocurrencies and crypto-related stocks had a mixed start to the week, while GBTC saw the discount on the fund’s net asset value approach 50%.

Bitcoin whipsawed above and below $17,000 over the past 24 hours, as ether fell 1.6% to trade at $1,251.

Markets are set to be driven by this week’s economic indicators and central bank decisions — namely tomorrow’s U.S. inflation data release for November and Wednesday’s U.S. Federal Reserve interest rate decision. 

BTCUSD chart by TradingView

Tron’s algorithmic stablecoin — Decentralized USD (USDD) — slipped from its supposed parity with the U.S. dollar. It’s the second time since June the stablecoin has lost parity. Previously it dropped to $0.96 before bouncing back to its intended value.

The drop came after the stablecoin’s liquidity on Curve – an Ethereum-based decentralized platform where traders can trade USDD against three other stablecoins within a liquidity pool – shrank.

BTCUSD chart by TradingView

Elsewhere, Binance’s BNB token plunged 4.6% over the past 24 hours. Reports on Monday suggested executives at the exchange could be charged imminently by the U.S. Department of Justice.

Crypto stocks and structured products

The S&P 500 rose 0.3%, while the Nasdaq 100 traded down marginally.

Coinbase was trading at $40.80, up 1.4%, at 11 a.m. EST, according to Nasdaq data. Silvergate shares dipped to $20.82, down 2.9%. MicroStrategy shares were lower by 3.4%, trading around $196.

Block tacked on 2.5%, having bucked the downward trend in crypto-related stocks on Friday. Shares in Jack Dorsey’s firm were trading above $66.

Grayscale’s GBTC and ETHE were trading at significant discounts at the top of the week. The discount refers to the prices of the shares relevant to the net asset value (NAV). This means shares in GBTC trade at a discount of more than 48% to the value of the bitcoin in the fund. 

The fund’s ether product, ETHE, was trading at a discount of more than 50%, according to The Block data. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: https://www.theblock.co/post/194028/bitcoin-flirts-with-17000-as-binance-token-price-plunges-with-big-week-ahead-for-markets?utm_source=rss&utm_medium=rss

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