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Bitcoin triggers altcoin slaughter as stocks see mixed bag of earnings
It was another day of declines in the crypto market as Bitcoin (BTC) continues to bleed in the midst of large sales by Grayscale, which is selling on behalf of investors who want to cash in their GBTC to take profits or rotate into ETFs with lower fees. “We think the catalyst in Bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants,” said JPMorgan analysts led by Kenneth Worthington in a note on Monday that explained why they downgraded Coinbase Global (COIN) to underweight from neutral. “We see greater potential for cryptocurrency ETF enthusiasm to further deflate, ... (full story)