Bitcoin news: Despite facing potential negative factors, Bitcoin (BTC) maintained a modest gain at $28,600 on Thursday. The state of New York filed a lawsuit against Digital Currency Group, Genesis Global Capital, and Gemini, alleging fraud exceeding $1 billion. In addition to this, interest rates continued to rise, with the 10-year U.S. Treasury yield nearing 5%. This caused stocks to decline for a second day. However, Bitcoin remained 1% higher at $28,600, briefly reaching just below $29,000 earlier.
Altcoins trading flat while Solana and XRP see gains
Altcoins such as ether (ETH), Binance-adjacent token BNB, Polkadot’s DOT, and dogecoin (DOGE) traded flat, while Solana (SOL) saw a 5% increase. XRP, related to the Ripple network, spiked over 6% as the SEC dropped charges against Ripple Labs’ executives but plans to pursue damages against the company. The Crypto Market Index (CMI), which tracks a basket of digital assets including BTC, slightly increased by 0.3%.
Federal Reserve Chairman’s remarks on inflation and interest rates
Federal Reserve Chairman Jerome Powell’s remarks at the Economic Club of New York indicated concerns about high inflation but suggested that rising long-term bond yields might reduce the need for further interest rate hikes. This Bitcoin news could potentially have a positive impact on the cryptocurrency market, as investors may seek alternative assets to hedge against inflation.
Lawsuit against Digital Currency Group, Genesis Global Capital, and Gemini
The state of New York filed a lawsuit against Digital Currency Group, Genesis Global Capital, and Gemini, alleging fraud exceeding $1 billion. Despite this, the lawsuit did not appear to impact the share price of Grayscale Bitcoin Trust (GBTC), which increased by nearly 2%. Grayscale plans to convert its $15 billion bitcoin investment vehicle into an ETF after winning a court victory against the SEC.
Bitcoin’s resilience amidst market turmoil
The resilience of Bitcoin in the face of potential negative factors showcases the strength of the cryptocurrency market. Despite rising interest rates and a lawsuit against major industry players, Bitcoin managed to hold onto its gains, indicating a strong demand for the digital asset.
Grayscale’s plans to convert its bitcoin investment vehicle into an ETF
In other Bitcoin news, Grayscale plans to convert its $15 billion bitcoin investment vehicle into an ETF after winning a court victory against the SEC. This move could potentially attract more institutional investors to the cryptocurrency market, further bolstering the demand for Bitcoin and other digital assets.
Conclusion
In conclusion, despite potential negative factors such as rising interest rates and a lawsuit against major industry players, Bitcoin managed to maintain its gains on Thursday. This resilience showcases the strength of the cryptocurrency market and indicates a strong demand for digital assets like Bitcoin. With Grayscale’s plans to convert its bitcoin investment vehicle into an ETF, the future looks promising for the cryptocurrency market, attracting more institutional investors and further bolstering demand for digital assets.
