Grayscale’s GBTC Shares Approaching 50% Discount – December 8

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,937

Bitcoin price is approaching the $17,000 level once more, showing a strong recovery from its recent drop.

Top-20 altcoins are also climbing back as Ethereum and BNB each gain 2%, while Polygon leads with a 3% rise.

Top Stories for December 8, 2022 πŸ”₯

πŸ‘‰ Grayscale’s GBTC Shares Approaching 50% Discount

Grayscale’s GBTC Trust shares have reached a new record low discount of 47.2% vs. the spot price of Bitcoin – almost half the market price of the underlying asset.

GBTC is still the world’s largest Bitcoin investment product, managing assets worth around $10 billion. However, it has struggled with numerous challenges over the years – the latest of which involved Grayscale declining to show proof of its BTC reserves.

The primary reason for the discount is that it is impossible to redeem GBTC shares for the underlying Bitcoin. Although the trust provides investors with BTC exposure, the only way GBTC holders can “cash out” is to sell their shares to someone else.

πŸ‘‰ EU Crypto Tax Proposal To Target Firms Globally

A new EU tax reporting requirement for crypto asset service providers operating within the EU would require all providers, regardless of location or size, to report transactions of EU-based clients to tax authorities.

The aim is to prevent tax evasion and ensure that taxes are paid on cryptocurrency transactions. The Commission estimates that the new rules could generate an additional €2.4 billion ($2.5 billion) in revenue for EU member states.

The proposal will now be considered by the European Parliament and the European Council. If approved, it could come into effect in 2026.

πŸ‘‰ Ethereum Developers Aim To Release Staked ETH In March 2023

Ethereum developers have settled on March 2023 as the target date for the release of staked Ether withdrawals, to be implemented along with several other upgrades to the Ethereum Virtual Machine (EVM) via a hard fork.

A second hard fork is scheduled for the second half of 2023, which will introduce a scaling upgrade called proto-danksharding – an upgrade designed to improve the transaction capacity of the network.