The cryptocurrency king, Bitcoin, experienced a significant drop to $41,637, with daily losses becoming more pronounced. For altcoins to rise, Bitcoin must maintain support to allow their growth. Deepening losses could trigger increased selling in altcoins.
Today’s notable development was the resignation of two major figures from Grayscale. Silbert, previously under scrutiny for questionable gains from the GBTC premium and various incidents, resigned today, accompanied by Murphy’s departure.
The resignations could be interpreted in two ways. They might signal a positive shift towards ETF approval, similar to Binance‘s settlement, or they could indicate an impending “chaos storm.”
While Bitcoin’s price is not expected to be influenced by macro developments in the immediate future, the GBTC resignations could undermine optimism for ETF approval. Some believe the resignations are an excuse for a larger liquidity hunt, as closing approximately $300 million in open positions could suggest a targeted outcome has been achieved.
Opinions on the price of Bitcoin can be found in our recently published analysis. The market is now watching to see what unfolds next, following these significant developments.