Although many U.S. banks delivered eye-catching financial reports on Friday, the S&P 500 ended down 0.5% due to the unresolved Israeli-Palestinian conflict, soaring international oil prices, and renewed concerns about inflation. Nasdaq, which is dominated by technology stocks, fell even further by 1.23%. . Gold rose 3.34% to $1,945 due to risk aversion. Affected by the news that GBTC is expected to be converted into a Bitcoin spot ETF, Bitcoin and Ethereum rose slightly.
Oil prices soar amid expectations of renewed inflation
According to the University of Michigan Consumer Confidence Index released on Friday, short-term inflation expectations surged from 3.2% to 3.8%, a five-month high; long-term inflation expectations also increased from 2.8% to 3.2%. The consumer confidence index dropped sharply to 63 in October from 68.1 in September. The main reason was that high prices led to a decline in consumer confidence.
The unresolved Israeli-Palestinian conflict and rising geopolitical tensions in the Middle East caused international oil prices to surge by nearly 6%. Gold also rose 3.34% to US$1,945 due to risk aversion.
Will the Grayscale case be solved soon? BTC rises slightly
Bloomberg ETF analyst James Seyffart tweeted that since the SEC did not appeal to the court before the midnight deadline, the dialogue between Grayscale and the SEC will begin next week, and the SEC is likely to challenge Grayscale's "GBTC" proposal in the next 2 weeks. Convert to Bitcoin Spot ETF" application for a new response.
1. Done deal I guess if this is accurate. No en banc application
2. No. I do not think they will appeal to the Supreme Court either.
3. Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after? https://t.co/2EayzqeKGq
— James Seyffart (@JSeyff) October 13, 2023
According to YCharts data, GBTC’s discount has narrowed to 16.59%, which is much lower than the 46% discount at the beginning of this year. The community has also ignited confidence in other Bitcoin spot ETFs to pass the test together. Bitcoin rose slightly by 0.31%, and the price at the time of writing was US$26,898.
