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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Bitcoin Investment Trust Struggles Because of Falling Cryptocurrency Prices

  • Alex Morris
    📰 News

    Meanwhile, a recent sharp drop of GBTC’s premium suggests that investors might be losing interest in Bitcoin

Bitcoin Investment Trust Struggles Because of Falling Cryptocurrency Prices
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Grayscale Bitcoin Investment Trust (GBTC), the only investment trust, is suffering from the prolonging market downtrend, Bloomberg reports. GBTC shares took a nosedive, falling by a whopping 80 percent since December. Meanwhile, Bitcoin price fell by 66 percent compared to its all-time high.

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High management fees are the problem

GBTC’s downfall, according to some investors, may be inextricably connected to its hefty expense fee, which reaches 2 percent. In sharp contrast to this, the SPDR Gold ETF has a 0.04 percent expense ratio. British market analyst Naeem Aslam claims that the GBTC expense ratio is “insane”, but the falling Bitcoin price makes it only worse. At the same time, managers of GBTC claim that such high fees serve as a safeguarding measure in the Bitcoin markets.

GBTC premium hits a snag

In a single week, the premium on GBTC fell by 10 percent, which further proves that the $2 bln is currently losing its luster. On Oct. 1, Lucid Investment’s Tyler Jenks took to Twitter to explain what this drop could actually mean. He claims that the crypto community can expect of these two scenarios: another major bearish trend or a new Bitcoin ETF. Basically, he means that either investors are not keen on Bitcoin anymore or they have found an alternative in the likes of the Swiss startup Seba that strives to create a crypto bank.

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3Commas and CryptoHopper Are Top Trading Bots by Monthly Website Visits

  • Alex Morris
    📊‍ Infographics

    🕹️🕹️🕹️These trading bots rule the roost when it comes to automated trading

3Commas and CryptoHopper Are Top Trading Bots by Monthly Website Visits
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U.Today has examined the monthly website views of the best trading bots on the market in order to determine which of them are most popular with crypto enthusiasts. As it turned out, 3Commas is in the lead with a whopping 1.722 mln views.

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The players on the automated trading market  

CryptoHopper comes in second place with 855,824 views. Meanwhile, there is a huge gap between second and third places – ProfitTrailer only has 92,200 views. Such a difference was expected since ProfitTrailer is an offline trading bot, which means that its users are not supposed to regularly visit the website. Other top entries (CryptoTrader and HaasBot) also have much smaller numbers compared to the two aforementioned leaders.

A monthly subscription to 3Commas will set you back $24 (CryptoHopper is a tad cheaper — $19).

The geography of automated trading

CryptoHopper, Haasbot, and ProfitTrailer are leading in the US, which doesn’t come as a surprise since it’s the biggest cryptocurrency market in the world. 3Commas is most popular in Russia while France is the top country for CryptoTrader users.
3Commas and CryptoHopper Are Top Trading Bots by Monthly Website Visits

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