The Crypto Roundup: 28 June 2023 | CryptoCompare.com

The price of Grayscale Bitcoin Trust’s (GBTC) shares has soared to a one-year high amid renewed optimism on the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States, prompted by Fidelity Investments and BlackRocks’ filings for the product.

The nascent non-custodial cryptocurrency exchange EDX, backed by financial behemoths including Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has dropped Paxos as its crypto custodian in favor of Anchorage Digital.

Popular cryptocurrency exchange Bitfinex has launched a peer-to-peer (P2P) trading platform in Venezuela, Argentina, and Colombia. The platform, called “Bitfinex P2P,” was announced on June 27 and offers users the buy and sell a variety of cryptocurrencies, including Bitcoin, Ether, Tether, Tether’s euro-pegged stablecoin EURT, and Tether Gold (XAUT).

Top stories in the Crypto Roundup today:

• GBTC Shares Hit One-Year High Amid Bitcoin ETF Hopes
• Citadel-Backed Exchange EDX Markets Drops Paxos for Anchorage Digital as Crypto Custodian
• Bitfinex Unveils P2P Trading Platform in Venezuela, Argentina, and Colombia
• Grayscale’s XLM Fund Surges to Record 300% Premium

GBTC Shares Hit One-Year High Amid Bitcoin ETF Hopes

The price of Grayscale Bitcoin Trust’s (GBTC) shares has soared to a one-year high amid renewed optimism on the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States, prompted by Fidelity Investments and BlackRocks’ filings for the product.

GBTC shares closed at $19.47 on Tuesday afternoon, marking a daily increase of 7.1% and the highest closing price since the previous June. Simultaneously, Bitcoin maintained a largely stable trajectory, with a rise to $31,000 following the announcement from Fidelity, and a subsequent correction to $30,000.

The GBTC’s share price discount to its net asset value, a key indicator closely observed in the digital asset market, has declined to 30%, the lowest level since last September. In the wake of BlackRock’s ETF application on June 15, GBTC has seen a sustained rally, gaining almost 50% in under a fortnight.

Earlier this year, Grayscale took legal action against the SEC after it refused their application to convert GBTC, a closed-end fund, into an ETF. Some traders note that BlackRock’s filing triggered hope for Grayscale to convert its trust into an ETF.

Citadel-Backed, Exchange EDX Markets, Drops Paxos for Anchorage Digital as Crypto Custodian

The nascent non-custodial cryptocurrency exchange EDX, backed by financial behemoths including Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has dropped Paxos as its crypto custodian in favor of Anchorage Digital.

EDX Markets had initially formed an alliance with Paxos, known for issuing the Binance-branded stablecoin BUSD, last October. This partnership was poised to facilitate EDX Markets’ clientele in entrusting Paxos with the custody of their crypto asset while giving Paxos customers direct access to EDX.

On EDX Markets’ website, Anchorage Digital is currently featured prominently among its partners and vendors, whereas Paxos is conspicuously absent. The quest for a reliable custodial partner is crucial for EDX Markets, as it aspires to distinguish itself with a “non-custodial” model.

This model means the exchange won’t hold onto clients’ digital assets during trading, in a market departure from existing cryptocurrency trading platforms like Coinbase and Binance.

Bitfinex Unveils P2P Trading Platform in Venezuela, Argentina, and Colombia

Popular cryptocurrency exchange Bitfinex has launched a peer-to-peer (P2P) trading platform in Venezuela, Argentina, and Colombia. The platform, called “Bitfinex P2P,” was announced on June 27 and offers users the buy and sell a variety of cryptocurrencies, including Bitcoin, Ether, USDT, Tether’s euro-pegged stablecoin EURT, and Tether Gold (XAUT).

The exchange’s initiative is part of a larger plan to expand its reach and bolster financial services in Latin America, according to Bitfinex’s chief technology officer, Paolo Ardoino. The move follows Bitfinex’s acquisition of a digital asset service provider license in April from El Salvador’s National Digital Asset Commission for its local arm.

The arrival of Bitfinex’s P2P platform comes at a crucial time for the region, following the closure and service disruptions of several existing P2P platforms.

LocalBitcoins, which served a substantial number of Latin American users, ceased operations in February after more than a decade of service. While Paxful suspended its operations in April but resumed them in May.

Grayscale’s XLM Fund Surges to Record 300% PRemium

According to CCData, Grayscale’s Stellar Lumens Trust, denoted as GXLM, experienced a remarkable surge in its share price. The shares closed at a premium of 200% to the Net Asset Value (NAV) yesterday, recording a single-day climb of 150%.

In the trust, the valuation of 1 Stellar Lumens (XLM), is approximately $0.27. This is a stark contrast to its current market price of $0.09, effectively tripling its value within the confines of the trust.

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