BTC Falls Into $47K Range, Below S2F Model Price – April 23

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $49,138

Bitcoin price fell to as low as $47,495 today, now having a small recovery to above the $49,000 level.

Top-20 altcoins also took a big hit, as Ethereum falls 8%, XRP drops 15% and Tron loses 19% of its market cap overnight.

Top Stories for April 23, 2021 πŸ”₯

πŸ‘‰ BTC Falls Into $47K Range, Below S2F Model Price

Bitcoin has fallen below figures projected by the popular stock-to-flow model, with its proponent “relieved” that the price has fallen.

Analyst PlanB claimed that BTC’s front-running of the modeled price raised concern that Bitcoin’s bullish run may have been inorganic.

The price plunge is more consistent with the model, in what PlanB has called a return to “normal”.

πŸ‘‰ Coinbase Pro Launches Support For Controversial USDT

Coinbase has sparked discussion from the community after announcing support for the controversial Tether USDT stablecoin on Coinbase Pro.

Tether has been at the center of much negative attention as of late, with revelations that the stablecoin was not sufficiently backed at previous points in its history.

πŸ‘‰ Grayscale’s GBTC Trust Trades At Record Low 19% Discount

Grayscale’s GBTC Bitcoin trust is trading at its most significant premium ever, currently at a 18.92% discount below its net asset value.

The trust has traded at a discount for two months now, with a $250 million buyback announcement not even budging the disparity.