LINK, MANA Token Prices Spike as Grayscale Unveils New Trusts
Grayscale, via its early-entrant GBTC bitcoin trust, has become one of the most common ways for institutional investors to gain exposure to cryptocurrencies.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/J6DAXRYNI5ABTDJFWGHJZ2QMHA.jpg)
Grayscale CEO Michael Sonnenshein.
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Grayscale CEO Michael Sonnenshein announced the trusts on Twitter at around 13:00 UTC (9 a.m. ET), and soon afterward LINK rose 7% to above $30. Grayscale is known for its bitcoin trust, ticker GBTC, which has become one of the most common ways for new investors to bet on the cryptocurrency's price, since the vehicle can be bought and sold in stock markets, somewhat like an exchange-traded fund. (Grayscale is a unit of Digital Currency Group, which also owns CoinDesk.)
MANA, the native token of virtual reality platform Decentraland, jumped nearly 20% to above $1. Grayscale also launched products dedicated to basic attention token (BAT), filecoin (FIL), and livepeer, powering gains in these lesser-known coins.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7QLNFAONYRD6NGZDNJCVXKJ2WM.png)
The new trusts could unlock the exotic digital tokens for a new breed of well-capitalized investors because Grayscale's trusts are seen as a way of gaining exposure to cryptocurrency prices without taking on the extra procedures and risks of owning them directly.
Chainlink provides price feeds to automated, blockchain-based lending and trading platforms built using blockchain technology, collectively known as decentralized finance, or DeFi. These data "oracles" are used by smart contracts – mini computer programs running atop blockchain networks, primarily Ethereum.
Price chart analysis, however, shows LINK has yet to cross above a descending trendline, a key hurdle for traders looking for predictive patterns.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RSUGAKEY4BGOPHBYLX6MNY42KQ.png)
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.