Its funny because I almost take the opposite view. If it drops to 1k, I wonder how much damage would already be done. With about 19 million coins out there, at 1k, the market cap will be only 19 billion, and I wonder who would still take is seriously. The more important metric in my opinion is hashpower. If this took a major hit and goes into decline, that would worry me. I understand some miners might become insolvent in the near future, so maybe hashrate can go down, but there is perhaps a lower bound that you don't want to see or else the network might become open to attack. As long as the miners are online, this to me is perhaps the most important metric. Even if regulation turns unfavorable, as long as the hashrate stays up there, the world will see the potential, even if the US decides to make things difficult.
Actually, this is part of the rules of the capital markets. The funds or the companies that issue the stocks are accountable to the investors that provide the financing for their operations GBTC structure as broken down by the wordings and explained on Twitter that when it is dissolved, the bitcoins are to be sold and the cash are distributed to the investors. Bitcoin distribution is not an option I don't think it could hit, but cannot rule out anything, it depends on how the sale will be conducted and what are the time limits of completion of sale. I think a lot of people would be happy to own 100 btc's for $100K Yea, that's a pretty cool Ledger. I think $5K has a pretty good chance of hitting, so maybe $1K is too low and very small chance only
FTT is still over 99 cents a coin. Seems there are still a few stubborn bag-holders praying for a takeover of FTX. I've also heard today on podcasts from even those who've been very bearish on Sol are now waiting for it to fall another leg down, then will attempt to collect some. Let's see what happens here.
The irony, is Ackman's arch-old nemesis Icahn - despite being an aging boomer - was long crypto blue-chips wayyyyy ahead of Ackman.
Poetic question of the week: Why does Genesis need $500 million in new funding when they only lost $175M in FTX?
They lost big on the 3AC bankruptcy and plus had to absorb-buy the GBTC collateral $2.4 Billion from memory Genesis is the biggest crypto asset yield lender, Gemini Earn, Coinbase, Fidelity, plus for the institutions, the big guys who wanted to earn yield on their cryptos They have duration mismatch, same thing that took down Celsius, BlockFi, and Voyager They lent out crypto assets from depositors to borrowers (crypto traders) who use for trading crypto markets long and short With FTX collapse, there's been a rush from crypto assets depositors to withdraw and take custody of their crypto assets, a bankrun of cryptos, but the borrowers don't want to return the crypto assets, since they are willing to keep paying their collateral and interest obligations Genesis is the biggest prime broker of crypto assets out there, but they removed the prime broker from their Twitter profile in the last 2 days... I guess they no longer want to be in that business