Is Grayscale Trust sell-out dragging Bitcoin price down?

BITCOIN'S price is down by more than three per cent this morning, trading around $41,300. Ethereum is following a similar pattern, down by around 2% over 24 hours. 

It’s mostly red in the crypto markets today as the majority of cryptocurrencies follow the market leaders into the negative. 

Analysts say the Bitcoin price could be feeling the pressure from investors selling out of the Grayscale Bitcoin Trust, which recently converted to an exchange-traded fund (ETF). The Grayscale ETF fees are significantly higher than that of its competitors. 

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In the Markets

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Expected days to BTC Halving

99

Total crypto market cap

$1.68 trillion (-0.08%)

What Bitcoin did yesterday

 Daily high $42,908 |  Daily low $40,682

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Bitcoin market capitalisation

$807.299 billion (-3.85%)

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Bitcoin volume

$27.28 billion (+36.11%)

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Ethereum staking entry queue

5 hours We 48 minutes

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SP500

+0.88%

Fear and Greed Index

56 (Neutral) 

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Bitcoin’s market dominance

51.03

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Bitcoin Simple Moving Average (50) 

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Value $33,962.70

Sell (TradingView)

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Relative Strength Index (RSI)

42.13

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Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.