owned through Grayscale. In addition, the company noted that it had laws that prevented assets under its management from being let out on lending protocols.Proof of reserve reveals whether the underlying protocol or company has enough assets to facilitate withdrawals. Grayscale’s announcement meant that it was walking a tight rope for refusing to provide proof of reserve.
Furthermore, Bitcoin already demonstrated some price slippage in the last 48 hours. This indicated a return of sell pressure. It traded at $16,220 at press time after recovering slightly from its brief dip below the $16,000 level.The price action confirmed the dampened investor sentiment. However, if the same outlook prevails, then we might see BTC drop into the oversold territory.
Bitcoin’s press time price was relatively low, which meant long-term holders could likely avoid selling. The lower the price goes, the more difficult it will be to continue dropping further as the becomes more attractive to investors. Nevertheless, Grayscale’s current situation might contribute to more FUD that will likely subdue BTC’s price action.Subscribe to get it daily in your inbox.
Source: News Formal (newsformal.com)
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