- Staring into the abyss on Tuesday morning as bitcoin (BTC-USD) plunged to a $28K-handle, the bulls have regained some control since, with the popular crypto minutes ago crossing above $35K. It hardly seems the start of a new bull market, but instead a return to the roughly $32K-$38K range that bitcoin has been in for the last month (with occasional, short-lived pops above or below).
- Checking some news items, the long-held pipe dream of a U.S.-based Bitcoin ETF appears to be just that, with the SEC earlier this week pushing off Van Eck's application for further review.
- Not much of a shocker, but the team at JPMorgan has found another reason to be bearish on bitcoin, noting a lockup expiration coming next month for shares in the Grayscale Bitcoin Trust (OTC:GBTC). Grayscale holds about 3% of bitcoin supply, so the actions of institutional holders of that trust are worth paying attention to.
- Among names on the move higher today is Bitcoin mining machine manufacturer Canaan, which is quickly pivoting its business model in the wake of the China ban.