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(GBTC), (ETHE) – Crypto Market Update: Bitcoin Posts Massive Recovery, XRP Faces Grayscale Setback

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(GBTC), (ETHE) - Crypto Market Update: Bitcoin Posts Massive Recovery, XRP Faces Grayscale Setback

Cryptocurrency markets have staged a smart recovery with the total global market capitalization jumping 10.17% in 24 hours leading to press time, as per CoinMarketCap data.

What Happened: Bitcoin (BTC) was up 10.01% at press time at $37,330.57 while Ethereum (ETH) rallied 5.48% higher at $1,105.77.

Grayscale Bitcoin Trust (OTC: GBTC) closed 3.67% higher at $40.35 on Wednesday. On the same day, Grayscale Ethereum Trust (OTC: ETHE) closed 1.75% higher at $13.40.

Grayscale is making moves to dissolve its XRP Trust after having announced the liquidation of XRP positions from its Grayscale Digital Large Cap Fund (OTC: GDLC). 

The decision comes in the wake of the United States Securities and Exchange Commission filing a lawsuit against XRP linked company Ripple Labs, as per a statement. XRP traded 0.99% higher at $0.29 at press time.

Most other major altcoins followed the lead of the apex cryptocurrency with Litecoin (LTC) higher by 8.27% at $145.98 and Bitcoin Cash (BCH) up by 3.5% at $491.10.

Chainlink (LINK) and Monero (XMR) traded higher by 12.31% and 3.66% at $15.79 and $164.91 respectively at press time.

A cryptocurrency that bucked the trend was Solana (SOL), which traded 4.49% lower at $3.38. 

Why It Matters: Despite the jump in prices, analysts are not taking a bright view of the market.

Misha Alefirenko, founder of VelvetFormula, a crypto market maker, told CoinDesk that he has no “clear view at the moment.”

See also: Bitcoin Hype-To-Activity Ratio: What That Tells Us About The Latest Rally

“Looks like big guys stepped away to wait and see. The market has to find its own balance,” said Alefirenko.

Constantin Kogan, a partner at Wave Financial, said there was potential for downwards movement in BTC.

See Also: Key Metric Indicates Bitcoin Rally Might Be Over For The Time-Being: What You Need To Know

“We may go even lower to $23,000,” said Kogan — adding,  “There is a zone from which they [traders] will start to actively buy back.”

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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