Bitcoin is currently trading at $29,766, the cryptocurrency’s lowest amount since June 22. Over the past week, Bitcoin’s price has fallen by nearly 10%.
Several market indicators from around the web unpack some of today’s latest price action.
For one, there is far less demand for Bitcoin these days than in April and May, when the broader market only went up. The network is now settling a third of the money compared to then, according to data aggregator Glassnode.
The amount of money settled on the Bitcoin network. Source: Glassnode
Elsewhere, the Grayscale Bitcoin Trust (GBTC), has begun unlocking shares en masse onto the market. It’s expected that Grayscale will unlock roughly 31,900 GBTC shares this month.
The 'Grayscale effect’ on Bitcoin
GBTC shares attempt to trace the price action of the leading cryptocurrency. And it’s the structure of these shares that some pundits have said creates volatility in Bitcoin.
Wealthy investors are offered private placements for GBTC, a
Źródło: https://decrypt.co/76385/bitcoin-falls-below-30k-first-time-month
