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Grayscale temporarily closed access to six trusts

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Grayscale temporarily closed access to six trusts

Grayscale temporarily closed access to six trusts
CONTENT

  • The largest crypto fund stopped accepting clients for several trusts

  • The reason for the stop remains unknown

  • Grayscale has nearly $ 16 billion under management in cryptocurrencies

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Cryptocurrency investment fund Grayscale temporarily stopped accepting new investors for unknown reasons

Grayscale temporarily closed access to six trusts

The largest crypto investment fund Grayscale Investments has temporarily stopped accepting investors in six trusts. This was reported on the official website of the company. When trying to select a cryptocurrency trust, the site displays “Currently Unavailable”.

Source: grayscale.co

Six trusts are unavailable at the time of writing, including the Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and the Grayscale Litecoin Trust.

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The Grayscale Horizen Trust, Grayscale XRP Trust, Grayscale Stellar Lumens Trust and Grayscale Zcash Trust continue to operate. In this connection, the suspension of receiving clients is connected and when the fund will resume work on six trusts, it remains unknown.

Grayscale temporarily closed access to six trusts

Awkward pause

Thus, potential Grayscale investors cannot yet take advantage of the largest trust of the fund – Grayscale Bitcoin Trust, through which the fund manages $ 13.3 billion. However, the Bitcoin trust is far from the last in the list of attracted assets..

According to the Grayscale report, the Grayscale Ethereum Trust has $ 1.8 billion in funds allocated. Of the unavailable trusts, the least of all assets under management are in the Grayscale Horizen Trust – $ 6.1 million.The total volume of assets under Grayscale’s management is $ 15.7 billion.

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Earlier, analysts from the American financial giant JPMorgan said that a halt in capital inflows to Grayscale could be one of the signals of an upcoming bitcoin correction. JPMorgan believes that the capital inflow into the crypto fund is large enough to “create a sustained negative price dynamics” in the market.

According to analysts, if the trend starts to weaken, the risk of a correction of the first cryptocurrency will sharply increase.

However, according to the managing director of Grayscale Michael Sonnenshine, the crypto rally, which pushed bitcoin to new all-time highs, is just beginning to gain momentum. According to Sonnenshine, about a third of Grayscale investors have invested in several trusts at once. This diversification was observed throughout 2020.

Grayscale temporarily closed access to six trusts

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