Bitcoin, ether prices buoyant in line with crypto-related stocks, Grayscale products still falling

Bitcoin and ether traded higher in line with crypto stocks as traditional markets rose marginally.

Bitcoin gained 2.6% in the past day, trading at $16,804 at 8:30 a.m. Eastern, according to CoinGecko. Ether was changing hands for $1,265, climbing over 4.5%.

The price of bitcoin has been relatively stable over the past week despite fresh bankruptcy news from BlockFi. That said, two European Central Bank advisers say bitcoin is on the brink of irrelevance.

Dogecoin rose 2.4%, along with Ripple’s XRP. Binance’s BNB went the other direction, dropping by 0.7%.

Grayscale’s bitcoin and ether trusts continue to lag, with the firm’s ETHE trust hitting a new all-time low discount to NAV. ETHE was traded at a discount of 45.22%. The product’s previous low was 44.65% on Nov. 21.

The discount to NAV of Grayscale’s main structured product, GBTC, has widened to 42.37%.

Crypto stocks

U.S. stock index futures were up marginally. The S&P 500 futures rose 0.12%, and Nasdaq 100 futures gained 0.21%. Shares in crypto-related stocks were more buoyant in pre-market trading.

Silvergate rose by over 3.6%, trading around $26, according to Nasdaq data. Coinbase gained 1.3% while Block was up 0.9% to $62.67. MicroStrategy was unchanged, having closed up 3% on Monday.

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Source: https://www.theblock.co/post/190963/bitcoin-ether-prices-buoyant-in-line-with-crypto-related-stocks-grayscale-products-still-falling?utm_source=rss&utm_medium=rss