Unlocking Crypto's Secrets: Dive into Today's Unravelling Drama - Grayscale's $5B Plunge, Banana Gun Maverick's $7M Triumph, and Hut 8's Nasdaq Rollercoaster Ride!
Jan 20, 2024
In the crypto landscape today, Grayscale Bitcoin Trust (GBTC) witnessed a substantial decrease of approximately $5 billion in assets over the past week due to a combination of share redemptions and adverse market conditions. Analysts attribute the outflows to the United States Securities and Exchange Commission's approval for Grayscale to convert the fund into an ETF. Meanwhile, a crypto trader exploited the SatoshiVM (SAVM) token launch, making a staggering $6.77 million profit within three hours using a banana gun sniping tool. The SAVM token experienced a 99% price drop shortly after launch due to a reported bug, leading the development team to sell treasury to recover locked LP. Additionally, Bitcoin miner Hut 8 Corp. saw its share price plummet by more than 23% on the day it rang the Nasdaq's opening bell, following unverified accusations from short-sellers at JCapital Research, suggesting potential insider stock dumping related to the recent merger with U.S. Bitcoin Corp (USBTC).