The market waits how the enhanced Bitcoin volatility reaching the cryptocurrency market will effect prices, as the largest GBTC unlocking of over 16,000 BTC will take happen today, July 18th.
Bitcoin continues to trade in a narrow range of between $31,000 and $32,000, all eyes are on today’s largest GBTC unlocking of over 16,000 bitcoins.
Awaited GBTC Unlocking
Bitcoin’s price, after shortly exceeding $33,000 on Thursday, started to retrace and lost about $2,000 in a day. The subsequent unsuccessful attempt by the bulls to recover some ground resulted in yet another drop – this time, the cryptocurrency reached its lowest price line in three weeks at $31,000.
The Bitcoin trading volume remained relatively low in the following days, and the number one crypto asset failed to reclaim most losses. It initiated a few sudden legs up and briefly surpassed $32,000 but has retraced to around $31,500 at time of writing.
What’s more interesting to follow today, is the leading digital asset manager – Grayscale – and its Bitcoin Trust, to be more specific.
The GBTC shares will see the largest unlocking of over 16,000 bitcoins on July 18th. The community and analysts have speculated what the impact on the price would be, likely with the bearish sentiment taking over.
