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As the end of 2023 approaches, activity in the crypto markets continues at full speed. While interest rate cuts by the FED are expected in 2024, the SEC‘s approval of spot Bitcoin ETFs is also anticipated. Amidst all these developments, two unexpected resignations have just rocked the market. Important figures from the Grayscale board have announced their resignations from the company.
Significant Departures at Grayscale
While everyone was excited about the approval of the spot Bitcoin ETF expected by January 10, Grayscale experienced a shocking two departures. According to a recent announcement by Reuters, CEO Barry Silbert and Mark Murphy have resigned from their positions on the company’s board. Shifke is thought to be the successor to Silbert.
It was revealed in November that Grayscale executives were in communication with the SEC’s Division of Trading and Markets. Despite being in contact with the SEC during a time of heightened ETF expectations, the reason for this decision remains unknown for now.
The timing of these resignations, just as the ETF seemed within reach, could have negative effects on investors. A statement from the company could reassure the market and participants, alleviating any fears regarding ETF expectations.
Current Bitcoin Price Situation
As of Tuesday, the price of Bitcoin fell below the $43,000 level. Following the news, Bitcoin’s price dropped from $42,800 to $42,600, and the impact of this decision is already a subject of speculation.
Bitcoin’s trading volume over the last 24 hours reflects a 21% increase, reaching the $26 billion level. Meanwhile, there was a noticeable drop in the overall volume, with a 2% decrease falling below the $850 billion level.
Despite companies making updates to their filings in hopes of SEC approval, they have faced delays, which could have led to a sense of despair and might be the reason behind the resignation at Grayscale. However, until an official statement is made, this remains speculation.
