Here Is Some Interesting International Crypto News Today!
A lot of Dogecoin holders are worried that Bitcoin is going to lose over 30000 dollars after the unlocking of the Greyscale Bitcoin Trust, but I think the opposite of that is going to happen.
What is The Greyscale Bitcoin Trust (GBTC)
The Greyscale Bitcoin Trust is the world’s largest cryptocurrency fund. Instead of directly investing in Bitcoin, institutional investors gain exposure in the Bitcoin market through their product called GBTC. Shares are bought directly via greyscale and daily private placements and receive a premium. But for a while the premium has been negative. Some digital-asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin – to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares.
Now the GBTC is probably going to be unlocked pretty soon. A lot of analysts believe that this will lead to a huge sell off for Bitcoin and Doge. But I believe that GBTC unlocking will instead have exactly the opposite impact. According to this Coindesk article, the Bitcoin market could get a much needed boost from the unlock. On top of that, other investors are likely to enter the market directly. Overall, this will boost the buying pressure instead of selling pressure. So don’t worry about it. The greyscale unlock is definitely a good thing for all Dogecoin holders.
Some interesting International Crypto news
Here is some interesting international crypto news. First from India. The Indian government is thinking about new laws to regulate cryptocurrency in the country. The Indian tax department is looking to tax foreign crypto exchanges with a goods and services tax of 8 percent. This is the same as the tax levied by the country on brokerage and conventional share trading on the stock market.
And this is a huge deal for Dogecoin because India is potentially the biggest market for Dogecoin right now. India is seeing a massive interest in crypto investment. Now, another interesting thing happened today in India. Basically, Coinbase is looking to expand its base in India. Coinbase CEO and co-Founder Brian Armstrong said that
Coinbase is building out an office in India. Amazing team already in place. Come join us.
All of this is great news for Dogecoin because India has a huge appetite for Dogecoin. But we have pretty bad news as well from South Korea. South Korean crypto exchange Bithump bans employees from trading Bitcoin. And another bad news came out from Thailand. Thai SEC taking legal actions against world’s largest crypto exchange. The securities regulator from Thailand said that Binance is operating a cryptocurrency exchange in the country without a license. Binance is in deep trouble and this is alarming for Doge because Binance is one of the biggest crypto exchanges that offer Dogecoin trading right now.
But still, there’s still some really good news that came out for Dogecoin. Vietnam president has instructed the state Bank of Vietnam to study and carry out pilot implementation for cryptocurrency based on blocking technology. The Central Bank of Vietnam had even asked credit institutions not to use cryptocurrency as a type of currency or a means of payment. But now all this is about to change is the Vietnamese government is opening its doors to crypto.