Published on September 15th, 2017 | by bitcoin0
This Bitcoin Linked Fund Lost Half Its Value in Two Weeks
On Thursday, a single bitcoin
was trading as low as 23% at $3,284, in the wake of a potential crackdown on exchanges by Chinese authorities.
Digital currencies had already been under pressure following critical remarks about bitcoin from Wall Street heavyweights like J.P. Morgan Chase & Co.
CEO Jamie Dimon, who described bitcoin as a “fraud.” at a conference on Tuesday Read: Bitcoin, Ether in bear market territory after declines GBTC
has been trading at a steep premium to its net asset value.
At the beginning of the month, the fund traded at more than $1,000, a roughly 130% premium to its net asset value.
The discrepancy between the GBTC price and its underlying value has caught the attention of famed investor Andrew Left, who is betting against the security, calling it the most dangerous way to own bitcoin.
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