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Bitcoin and altcoin Giant Grayscale lost $4.1 billion in a single day

According to a recent Grayscale tweet, the measure of crypto assets under his management is $37.9 billion with the prestige as of February 24th. That’s down $4.1 billion from the day the crypto hedge fund, linked to Barry Silbert, held $42 billion in crypto. Grayscale offers services using cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash.

Grayscale lost $4.1 billion in bitcoin and altcoins in one day

Grayscale, a subsidiary of Barry Silbert’s Digital Currency Group, announced between March 22 and February and mid-February 23, Grayscale announced that the cost of its assets fell by $4.1 billion to $37.09 billion.

The dollar value of Bitcoin held by Grayscsale in dollars 5.2 billion 3 to 31.9 billion were in the billions. The Grayscale Ethereum Trust is now $4.87 billion, up from $5.58 billion the previous day.

When this drop took place on Tuesday, February 23, Bitcoin, the cryptocurrency with the largest market cap, was down over 20 percent in a matter of hours. It fell from the $58,000 region to $44,900. However, according to the information, Bitcoin started to recover quickly. At the time of writing it is looking at a process close to $50000.

Peter Schiff, who has always stated that he clearly dislikes Bitcoin, shared Grayscale’s most famous crypto-based works on Twitter on Feb. 23, which saw a reduced net asset price throughout the day. “If this continues, there may be no more cash inflows from investors looking to buy more bitcoin,” Schiff said.

Schiff believes the market is always in need of new buyers, so existing BTC holders are ceding their holdings to them.

Posted in Crypto World

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