Chain News Daily Today TheBitTimes.com

GBTC’s issuer added an ETF veteran to its ranks following constructive talks with the Securities and Exchange Commission over approval for spot Bitcoin funds. Digital asset giant Grayscale Investments has hired John Hoffman, a former high-ranking executive at Invesco, to aid its efforts toward bringing America’s first spot Bitcoin (BTC) ETF to market amid growing interest in the world’s top cryptocurrency.  Hoffman was onboarded as Grayscale’s managing director, head of distribution and partnerships, a strategic role pivotal to growing financial products.  He arrived at the firm with nearly two decades’ worth of experience including leading ETFs and Indexed Strategies decisions at Invesco Ltd from 2020 to 2023. JUST IN: 🟠 Grayscale is preparing for its #Bitcoin ETF launch with the hiring of Invesco ETF executive as the managing director to head distribution and strategic partnerships. It's all set for pic.twitter.com/9lIN5bfvB8 — Bitcoin Archive (@BTC_Archive...

The stars are lining up for Bitcoin price, but a few major price threats remain in play. Bitcoin (BTC) price surged by 26.5% in October and several indicators hit a one-year high, including the BTC futures premium and the Grayscale GBTC discount.  For this reason, it's challenging to present a bearish thesis for BTC as data reflects the post-FTX-Alameda Research collapse recovery period and is also influenced by the recent increase in interest rates by the U.S. Federal Reserve. Despite the positive indicators, Bitcoin price still remains around 50% below its all-time high of $69,900 which was hit in November 2021. In contrast, gold is trading just 4.3% below its $2,070 level from March 2022. This stark difference diminishes the significance of Bitcoin's year-to-date gains of 108% and highlights the fact that Bitcoin's adoption as an alternative hedge is still in its early stages. Before deciding whether the improvement in Bitcoin futures premium, open interest and the G...