If this crypto firm collapses, then a 'massive selling event' in Bitcoin would occur - Scott Melker crypto bitcoin ScottMelker
- As the SEC sues crypto firms Genesis and Gemini and Binance faces increasing scrutiny for its"lack of transparency," Grayscale Bitcoin Trust will suffer increasing pressure. In the"rare event" that Grayscale collapses, this would trigger a"massive selling event" for Bitcoin, according to Scott Melker, host of The Wolf of All Streets podcast and a crypto trader.
"The real problem for the crypto market, specifically the Bitcoin market, is if contagion [spreads] to Grayscale and GBTC," he said."I don't think that's going to happen… but in the rare event that something like GBTC having to be liquidated happens, we would see a massive selling event of Bitcoin." "I would anticipate that we see more sideways chop as we see the macro give us some clarity," he said."I don't expect that Bitcoin is going to skyrocket while the Fed continues to maintain their hawkish tone, and we don't know what's happening with other markets."Melker spoke with David Lin, Anchor and Producer at Kitco News.Last year was marked by the failure of a number of notable crypto firms, including Celsius, BlockFi, and FTX.
"After we saw Celsius, Voyager, BlockFi, Three Arrows Capital, LUNA all collapse, people said if we get one more big one, it's over," he observed."And there was nothing bigger than the FTX [collapse]… and what happened? The price of Bitcoin broke down, and is now trading higher than it was before the FTX debacle… the asset class came back and continued to rise."
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