Fears surrounding Grayscale Bitcoin Trust ease after independent investigation

The Bitcoin price is currently hovering around $16.5ki at the time of writing. The largest cryptocurrency by market cap is trading sideways following its recent price recovery from lows below $16k. However, the bears still rule strong at the moment. Altcoins were also quite stable. More on that later.

In other news, an independent study of Grayscale’s Bitcoin reserves has vindicated the investment tool. From analysis it turns out that the Bitcoin Trust holds nearly 633,000 BTC in Coinbase Custody, which is the same number the platform holds for its customers. More on that later.

A recent statement by Greenpeace shows that Bitcoin is lagging far behind in the fight against climate change. The NGO has criticized the main digital currency. However, the organization must rethink its strategy, as BTC emits only about 1% of all the world’s greenhouse gases. It should focus on industries that have a much, much worse track record, such as textiles and automobiles.

Bitcoin price is stable around $16.5k

Bitcoin is currently changing hands at around $16.5ki at the time of writing. The cryptocurrency is nervously clinging to current support as the threat of another price drop looms.

The last 36 hours started with BTC trading around $16.6k. The cryptocurrency traded sideways around this level for a few hours. At 05.30 in the morning, the rate started to fall slightly. The drop itself wasn’t that much though, as the bulls managed to limit it to around $16.4k. By noon it was back over $16.5k. It continued its recovery until reaching around $16.55k at 13:30 in the afternoon. However, further price increases again proved to be too much to ask for the leading digital currency. So it fell at around the $16.55k level. It is currently trading around this level.

Bitcoin is now falling around the current $16.5k level. The price has managed a large price drop below $16ki over the past week. The bulls have managed to force a move towards around $16.5k and that level is holding so far. However, the threat of another bearish attack still hovers over the market right now. So the bulls have work to do. They must maintain the current level and then move up as quickly as possible. The longer they stay at the current $16.5k level, the more they will come under pressure over time. So the coming week will be important on this front and the bulls will need to perform to be taken seriously.

Bitcoin’s total market capitalization was around $317 billion and its share of the crypto market was 40.16%.

Bitcoin price chart

Altcoins remain largely stable

Altcoins remained largely stable yesterday, with one big exception: Dogecoin. Dogecoin (DOGE, 12.75%), Litecoin (LTC, -3.6%) and Unus Sed (LEO, -8%).

Dogecoin Price Chart

In other news….

Independent Verification Proves 633k BTC in Grayscale Bitcoin Trust

The Bitcoin community is currently reeling from the fallout from the latest market crash, which was perpetuated by the recent demise of the FTX exchange. However, the community had barely recovered from this crash when rumors of the infamous Grayscale Bitcoin Trust popped up. There were unconfirmed reports and fears that the Bitcoin trust did not have the kind of reserves it owes its clients. This was possibly the biggest problem the cryptocurrency would have faced in its entire history and would have greatly damaged public confidence.

However, independent verification by Ergo showed that the trust had all reserves. This has significantly mitigated the crisis, but further independent verifications will be necessary to fully restore investor confidence. After the big scandal with FTX, you can’t be too careful.

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