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The world’s largest Bitcoin fund – the Grayscale Bitcoin Trust (GBTC) – has suffered a major hammer blow amid the crypto market rout. The Grayscale Bitcoin Trust (GBTC) has been trading at a steep discount of 17% year to date.
As of now, GBTC has $27 billion in assets under management. This is a staggering 30% discount from Bitcoin’s all-time high levels in November 2021. Furthermore, the recent Bitcoin (BTC) sell-off has a more pronounced effect on the GBTC share price (OTCMKTS: GBTC). 
Courtesy: Bitcoin
The GBTC share price is trading at a record discount level to the underlying Bitcoin. Also, the stock is down 19% so far in 2022. The GBTC share price has corrected a staggering 50% in the last three months. In a report accessed by Bloomberg, Brent Donnelly, president of Spectra Markets said:
“GBTC keeps breaking hearts as the discount widens. GBTC is basically a binary bet on a physical ETF at this point. Tempting but tempting the way value traps can be tempting.”
GBTC’s correlation with Bitcoin is falling to an even greater degree. While Bitcoin (BTC) price surged 1.6% on Tuesday, January 18, GBTC tanked 6.4% the same day.
Converting GBTC to A Spot Bitcoin ETF
Last year in October 2021, Grayscale Investment LLC applied to the U.S. Securities and Exchange Commission (SEC) for converting the GBTC into a spot Bitcoin ETF. This move will probably help Grayscale to assure more cash inflows from institutions.
However, the SEC seems to be hellbent on disapproving a spot Bitcoin ETF citing investor protection concerns. On Wednesday, January 19, SEC Chair Gary Gensler said that crypto exchanges will be a prime focus of the crackdown for the securities regulator. Speaking in a virtual conference, Gensler said:
“I’ve asked staff to look at every way to get these platforms inside the investor protection remit. If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable.”
The post GBTC Share Price Tanks As the Bitcoin Fund Trades At Record Discount appeared first on CoinGape.


The world&#8217;s largest Bitcoin fund &#8211; the Grayscale Bitcoin Trust (GBTC) &#8211; has suffered a major hammer blow amid the crypto market rout. The Grayscale Bitcoin Trust (GBTC) has been trading at a steep discount of 17% year to date. As of now, GBTC has $27 billion in assets under mana...

coingape.com

GBTC Share Price Tanks As the Bitcoin Fund Trades At Record Discount

In the latest report, banking giant JPMorgan has said that Ethereum’s high gas fee and network congestion are putting a big risk for the smart contracts platform. JPMorgan said that this could be a “problem for Ethereum’s valuation”.
It specifically added that Ethereum could be losing its NFT market share to rival Solana which has been gaining massive ground over the last year. If we look at the data, Ethereum’s NFT market share has already dropped to 80% from 95% at the beginning of 2021.
In the report, first shared by Business Insider, JPMorgan said that NFTs are the “fastest-growing universe in the crypto ecosystem”. Thus, If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for Ethereum’s valuation”.
The JPMorgan analysts also noted that data shows NFT players have been moving from Ethereum to Solana amid the latter’s faster transaction speeds and low costs.
Ethereum At the Risk of Losing DeFi Dominance
Another area that we need to focus upon is Ethereum’s falling share in the world of decentralized finance (DeFi). Last week, in a note to clients, JPMorgan analysts led by Nikolaos Panigirtzoglou, wrote:
“It looks like, similar to DeFi [decentralized finance] apps, congestion and high gas fees has been inducing NFT applications to use other blockchains”.
Ethereum has a big challenge ahead of it to quickly scale to the PoS Ethereum 2.0 or end up losing its market share to other competitors like Solana, Avalanche, Cardano, and others.
Much recently, we have been also seeing that Ethereum’s price has been moving sideways amid the recent crypto market consolidation. As per our technical analysis, the ETH price is currently trading at crucial support levels and is at risk of seeing another 20% price drop. As the Ethereum open interest tanks to a 3-month-low, here’s what the investor sentiment suggests.
The post JPMorgan: High Gas Fee A Big Problem for Ethereum Valutaions, Can Lose Market Share appeared first on CoinGape.


In the latest report, banking giant JPMorgan has said that Ethereum&#8217;s high gas fee and network congestion are putting a big risk for the smart contracts platform. JPMorgan said that this could be a &#8220;problem for Ethereum&#8217;s valuation&#8221;. It specifically added that Ethereum cou...

JPMorgan: High Gas Fee A Big Problem for Ethereum Valutaions, Can Lose Market Share

On Wednesday, the crypto economy of 12,620 coins across 543 exchanges is hovering just above the $2 trillion mark. Ever since the crypto economy’s market slump, bitcoin’s market dominance among all the coins in existence has slowly risen from 37% zone back over the 38% range. Meanwhile, Ethereum’s market dominance has diminished as it has slid from 18.6% to 17.7% since January 6.
Bitcoin and Ethereum Dominance Shifts, Top Stablecoin and Smart Contract Tokens Command More Than 44% of the $2 Trillion Crypto Economy
Bitcoin’s (BTC) market dominance has increased while ethereum’s (ETH) crypto-economy dominance has decreased over the last two weeks. Market dominance is the crypto asset’s overall valuation compared to the entire $2.08 trillion crypto market economy.

On January 6, 2022, BTC’s dominance slid to its lowest position in three years (37.7%) since June 3, 2018. The metric has increased to the 38% region while ethereum’s market dominance dropped from 18.6% to 17.7%.
A myriad of other coins have seen market dominance changes and the crypto asset binance coin (BNB) has a market dominance rating (MDR) of around 3.37%. Tether (USDT) commands an MDR of 3.35% and cardano (ADA) has 2%.
The stablecoin USDC’s MDR today is 1.95% and solana’s (SOL) market valuation is 1.85%. The distributed ledger technology token xrp’s (XRP) market cap represents 1.51% of today’s crypto market economy.

Following XRP, is terra’s (LUNA) market valuation which commands 1.22% of the crypto economy, and polkadot’s (DOT) 1.03%. The $173 billion worth of stablecoins represent 8.30% of the crypto economy and the $738 billion worth of smart contracts platforms is 35.36% of the value of all the coins in existence today.
The $11.8 billion in privacy coins is around 0.56% of the crypto economy’s net worth on Wednesday. Meme coins, however, command 2.15% of the digital currency economy with $45 billion.
What do you think about the bitcoin and ethereum market dominance shifts in the last two weeks? What do you think about the 44% in aggregate value stable coins and smart contract tokens represent today? Let us know what you think about this subject in the comments section below. 



























On Wednesday, the crypto economy of 12,620 coins across 543 exchanges is hovering just above the $2 trillion mark. Ever since the crypto economy&#x2019;s market slump, bitcoin&#x2019;s market dominance among all the coins in existence has slowly risen from 37% zone back over the 38% range. Meanwh...

news.bitcoin.com

Bitcoin Dominance Increases, ETH’s Market Share Slides, Stablecoin and Smart Contract Coins Rise

Over time, nonfungible tokens (NFTs) have proven to be one of the hottest sectors in crypto, and now the U.S. government may finally be ready to get its share from this booming sector. According to a report by Bloomberg, officials of the Internal Revenue Service (IRS) announced their plans to begin cracking down on NFT investors and creators who have been evading tax payments.
NFT investors raise concern over unclear taxation laws
Going by Chainalysis data, the NFT market is presently around $44 billion. And according to tax experts, buyers and sellers of NFTs, that is, creators and investors alike are facing unpaid taxes to the tune of billions of dollars. Not only that, but they also face rates as high as 37% and the IRS has now confirmed that they are prepping for a full clampdown on evaders.
Although there is still a lot of uncertainty surrounding the looming crackdown, NFT enthusiasts can get ready to be surprised when tax filing season begins later this month.
For what it’s worth, token taxation as of the moment isn’t clearly spelled out, leaving NFT investors without any clues regarding whether they owe any taxes, or how they are even supposed to calculate them in the first place.
For instance, an NFT investor and creator, Adam Hollander has called the situation an “absolute nightmare”, having to sieve through several months of transactions by oneself
But speaking about the unclear taxation terms as it concerns NFTs, a San Francisco-based tax attorney James Creech says:
“You don’t get to not report gains or losses because the IRS has failed to provide guidance that meets your expectations”.
IRS investigators getting set to receive countless tax cases in 2022
Meanwhile, the IRS has hinted that they are fully prepared to start treating such cases on NFT taxation.
Acting executive director of cyber and forensic services at the IRS’s criminal investigation division, Jarod Koopman said:
“We subsequently will probably see an influx of potential NFT type tax evasion, or other crypto-asset tax evasion cases coming through”.
With so much money at stake, the IRS might be left with no choice but to clarify the rules and make things a bit easier for itself when it finally begins its crackdown on defaulters.
The post NFT Investors Are Owing Billions In U.S Taxes, Here’s How IRS Plans to Collect Tax appeared first on CoinGape.


Over time, nonfungible tokens (NFTs) have proven to be one of the hottest sectors in crypto, and now the U.S. government may finally be ready to get its share from this booming sector. According to a report by Bloomberg, officials of the Internal Revenue Service (IRS) announced their plans to beg...

NFT Investors Are Owing Billions In U.S Taxes, Here’s How IRS Plans to Collect Tax

Bank of America’s analyst says that Solana could take market share away from Ethereum. Noting that Solana is optimized for micropayments, gaming, and non-fungible tokens (NFTs), the analyst expects “Solana could become the Visa of the digital asset ecosystem.”

Bank of America on Crypto, Ethereum, and Solana
Bank of America (BOFA) analyst Alkesh Shah published a research note on cryptocurrency this week arguing that Solana could take market share away from Ethereum.
The Bank of America analyst described that Solana “produces a blockchain optimized for consumer use cases by prioritizing scalability, low transaction fees and ease of use,” citing Solana Foundation member Lily Liu.
Its ease of use and low cost make the crypto optimized for micropayments, gaming, and non-fungible token (NFTs). With more than 50 billion transactions settled since its March 2020 launch, and $10 billion in total value locked, Shah said:
Solana could become the Visa of the digital asset ecosystem.
Solana is the fifth-largest cryptocurrency with a market capitalization of about $46 billion. Ethereum is the second-largest crypto with a market cap of almost $400 billion at the time of writing based on data from Bitcoin.com Markets.
Noting that Solana’s differentiation from Ethereum is “proving successful,” Shah noted that the valuation gap provides an opportunity for Solana. Its Proof of History blockchain helps improve the performance of its Proof of Stake consensus mechanism, the Bank of America analyst opined, noting:
These innovations allow for the processing of an industry-leading ~65,000 transactions per second with average transaction fees of $0.00025, while remaining relatively decentralized and secure.

Meanwhile, the Ethereum blockchain prioritizes decentralization and security, at the expense of scalability, Shah described, adding that Ethereum’s scalability issue has led to periods of network congestion and ultra-high transaction fees.
Emphasizing that other scalable blockchains could chip away at Ethereum’s market share, Shah explained:
Ethereum’s prioritization could optimize it for high-value transactions and identity, storage and supply chain use cases.
Crypto exchange Coinbase recently predicted that “ETH scalability will improve.” However, “As we welcome the next hundred million users to crypto and Web3, scalability challenges for ETH are likely to grow.”
Last week, a JPMorgan analyst explained that Ethereum’s Merge and Layer 2.0 introduction will speed up transactions and could significantly cut energy consumption. However, another JPMorgan analyst noted that Ethereum might lose its decentralized finance (defi) dominance due to scaling issues.
Meanwhile, Solana is not without its problems. Last week, Bitcoin.com News reported that the Solana network experienced “degraded performance due to an increase in high compute transactions … This is leading to increased loading and transaction processing times, and some failed transactions.”
Do you agree with Bank of America that Solano will take market share from Ethereum and become the Visa of crypto? Let us know in the comments section below.



























Bank of America&#x2019;s analyst says that Solana could take market share away from Ethereum. Noting that Solana is optimized for micropayments, gaming, and non-fungible tokens (NFTs), the analyst expects &#x201C;Solana could become the Visa of the digital asset ecosystem.&#x201D; Bank of America...

Frax Share price	$18.92
Low - High 24H	$17.65 - $20.54
Market cap	$696.99M
Volume 24H	$16.68M
All time high	$42.80 -55.74% January 12th 2022
All time low	$1.50 1160.27% June 25th 2021
Genesis date	N/A

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