RIOT - Grayscale Bitcoin Trust slides with bitcoin to levels not seen since early-August
Grayscale Bitcoin Trust (OTC:GBTC) drops 1.7% on Tuesday as the world's largest cryptocurrency, bitcoin ((BTC-USD -1.5%)), posts similar losses intraday. The downside move in crypto was triggered at the end of last week from the Evergrande crisis that startled global financial markets. In the past month, GBTC slumps 12.7%, but is still up 195% on a Y/Y basis. Still, Vailshire Capital Management Founder and CEO Jeff Ross said he purchased more Bitcoin (BTC-USD) and GBTC on Monday morning. "Buying when others are panic-selling NEARLY ALWAYS works out extremely well in the long-term," Ross said in a tweet. Osprey Bitcoin Trust ((OTCPK:OBTC -3.1%)) also follows bitcoin (BTC-USD); but some other stocks that often act as proxies for bitcoin experience a milder decline — MicroStrategy ((MSTR -0.1%)), Riot Blockchain (RIOT -0.4%), and Marathon Digital (MARA -0.5%). In addition, Grayscale Ethereum Trust ((OTCQX:ETHE -1.2%)) follows Ethereum ((ETH-USD -1.8%)), the second-largest crypto by market cap, down. On Monday, Marathon Digital, Riot, Grayscale, among Bitcoin
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Grayscale Bitcoin Trust slides with bitcoin to levels not seen since early-August