Genesis Global Holdco LLC, a Digital Currency Group (DCG) subsidiary, has been given the go-ahead from a bankruptcy court to sell around 35 million shares in Grayscale’s GBTC fund, valued at over $1.3 billion. This decision follows a ruling by Judge Sean Lane, granting Genesis the flexibility to convert its GBTC shares into bitcoin or cash.
Impact on Crypto Market
The sale of these shares could potentially impact the entire cryptocurrency market, including the value of Bitcoin. Bitcoin recently surged past $52,000, reaching a $1 trillion market value and rebounding from a previous decline. However, analysts warn of a potential downturn in the price of Bitcoin due to the sale of these GBTC shares, providing an opportunity for altcoins to see upward movement during a consolidation phase for Bitcoin.
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