Mike Novogratz Predicts Harris May Soon Embrace Crypto, Grayscale Bitcoin Trust Experiences Drop, FBI Warns Of Crypto Exchange Impersonation Scams And More: This Week In Cryptocurrency
Portfolio Pulse from Benzinga Neuro
This week in cryptocurrency saw significant developments including Mike Novogratz predicting Kamala Harris may embrace crypto, Peter Schiff criticizing Trump and Saylor's Bitcoin strategy, and the FBI warning of crypto exchange impersonation scams. Notably, Grayscale Bitcoin Trust (GBTC) experienced an 11% drop following the announcement of a spinoff into a new ETF.
August 04, 2024 | 1:26 pm
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NEUTRAL IMPACT
Peter Schiff criticized the 'never sell your Bitcoin' strategy advocated by MicroStrategy Inc. (MSTR) co-founder Michael Saylor, questioning the logic behind holding onto Bitcoin without ever selling it.
While Schiff's criticism may raise questions among investors, it is unlikely to have a significant short-term impact on MSTR's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Grayscale Bitcoin Trust (GBTC) experienced an 11% drop after announcing a spinoff into a new ETF, transferring 10% of its spot Bitcoin to the new Grayscale Bitcoin Mini Trust.
The announcement of transferring 10% of GBTC's spot Bitcoin to a new ETF likely caused investor uncertainty, leading to an 11% drop in GBTC's value.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100