What happened last week

Crypto Markets Down as SEC Grayscale Appeal Deadline Looms

Nothing new under the sun on Friday as crypto markets have continued their path downwards throughout the week with BTC cutting -5% overall but seems to have found support in the 26’500 area Thursday. Despite some positive headlines this week it wasn’t enough for any major tokens to regain some losses. Most notably Blackrock and Barclays transferred collateral to the Onyx network which is run by JP Morgan. Mastercard also announced a CBDC project. The crypto board by market cap is exclusively red today and the same for equities. This likely comes as the US CPI print yesterday came in slightly above expectations. Despite the downturn in equities this morning, most seem to be on track to close the week in the green. Also, gold is up almost 3% on the week. This week there has also been a lot of focus on the FTX case which is ongoing, this week Caroline Ellison has for multiple days provided her testimony to the amusement of crypto twitter.

Today marks the deadline for the SEC to appeal the latest decision in the Grayscale case. Sentiment seems to be that the SEC is not going to appeal and looking at the delta to NAV, the discount is now less than 20% which it has not been for 2 years which also indicates the expectations. A no-appeal is obviously very positive for spot ETFs but an outright approval is yet to be made.