Wall Street closed until Black Friday, GBTC discount narrows on Thanksgiving


Crypto prices were relatively unchanged after rising ahead of the Federal Reserve minutes yesterday. 

Bitcoin was trading at $16,538, according to CoinGecko. Ether was changing hands for $1,195. Both tokens had perked ahead of the release on Wednesday before paring gains. Cryptocurrencies, including altcoins, then traded higher after 8 p.m. ET. 

The minutes from the Fed’s Nov. 1 and 2 meetings showed the central bank is going to “slow” down its hikes. A 50-basis point rate hike is expected at the Dec. 14 meeting. 

Grayscale’s GBTC discount was trading below -40%. The bitcoin trust hit an all-time low discount to NAV of 45% on Monday. The structured product has lifted each day since, despite fears that sister firm Genesis could declare bankruptcy without emergency funding.  

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Thanksgiving hours

With markets closed for the holidays, trading on Wall Street takes a breather today. Markets are open on Black Friday, finishing up at 1 p.m. Eastern. Bond markets in the U.S. are following the same holiday hours. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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