In the last 29 days, Bitcoin (BTC) has been ranging from $31,000 to $36,000 as the impact of the recent China ban and a $1.4 billion Grayscale GBTC share unlocking continue to pressure markets.
China’s government implemented a series of measures to curb cryptocurrency mining and trading by ordering the immediate shut down of some operations and instructing domestic banks to suspend the bank accounts of entities involved in the industry.
Meanwhile, the $21 billion trust fund Grayscale and its GBTC security is facing a troublesome period as institutional investors’ 6-month lock up comes to an end, creating a potential $1.4 billion sell-off. However, it’s worth noting that the 654,000 BTC tokens under management will not be moved on the market.
As a result of these factors, Bitcoin price has been stuck in a range for months and generally traders appear to be sitting on their hands until clarity on the entire situation clears up.
While traders are skilled at using perpetual