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Could Morgan Stanley’s $243M Investment in GBTC Have Triggered Bitcoin’s Recovery?

Exciting news in the world of finance! Morgan Stanley, a leading US banking firm, has decided to jump on the Bitcoin ETF bandwagon. Their recent filing with the SEC reveals that they have invested over $243 million in this new asset class.

Discover Morgan Stanley’s Bitcoin Boost

With a staggering 4,269,361 shares of Grayscale Bitcoin Trust (GBTC), this banking giant is making a significant move in the world of cryptocurrency.

While the exact timing of Morgan Stanley’s investment in GBTC remains unclear, it’s evident that they are making a bold move in the Bitcoin ETF realm. This revelation coincides with the recent release of US inflation data (CPI).

This news seems to be impacting the price of Bitcoin in a positive way. The digital currency has surged by 6.97% in the past 24 hours, reaching $65,844.70. This price increase is reflected in the market sentiment, with Bitcoin bouncing from a 24-hour low of $61,330.41 to a high of $66,446.23.

The current market sentiment is multifaceted, as dovish CPI data suggests a potential interest rate cut by the Federal Reserve. Such a cut could be advantageous for digital assets like Bitcoin, known for their high yield potential over time. The recent trends in spot Bitcoin ETF accumulation align well with Morgan Stanley’s disclosures.

Interestingly, Wells Fargo, the third-largest US bank, also has exposure to BlackRock’s spot Bitcoin ETF. Among the top investors in Bitcoin ETF is Susquehanna International Group (SIG), with investments exceeding $1.3 billion across the top 10 spot Bitcoin ETF products.

Altcoins Embrace the Momentum

Bitcoin’s resurgence has had a ripple effect on several altcoins in the market. Ethereum (ETH) has surged by 6.52% to reach $3,025, significantly reducing its weekly losses to just 4.42%.

Other altcoins, such as Binance Coin (BNB) climbing 3.5% to $586.9, Solana (SOL) skyrocketing by 9.46% to $156.45, and XRP seeing a 2.89% increase to $0.5187. Even Shiba Inu has joined the upward trend, with a substantial 7.88% surge to $0.00002489. The attention on this dog-themed memecoin has intensified after the launch of ShibaSwap on its Ethereum L2, Shibarium.

The migration to ShibaSwap is anticipated to boost network transactions and enhance SHIB’s value.

Curious for more news? Check out Coinbase’s Ambitious Plans for $600B Australian Pension Funds

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