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Why you should start paying attention to football fan icons

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Fan tokens are becoming increasingly popular among cryptocurrency investors. It is an offshoot of the meme trend that has seen a positive rise in many cryptocurrencies and now, these fan tokens are starting a trend of their own. 2022 is coming to a close but there are still good reasons why these fan codes are a good thing to follow.

Why football fan symbols?

Football fan tokens have taken over the cryptocurrency market over the past year. Coins like Manchester City Fan Token and Santos FC Fan Token have performed very well, exceeding all expectations. But even though it has already grown a lot, there may be more pluses for these tokens from fans.

One of the main reasons behind the renewed interest in fan icons is the upcoming FIFA World Cup. Some say that this is the biggest sporting competition in the world with official football clubs from different countries vying for the title. A large part of the world’s population also participates in the competition.

The 2018 FIFA World Cup in Russia saw 3.5 billion viewers around the world, and this year’s edition of the competition held in Qatar is expected to draw an estimated 5 billion viewers. The sheer number of people who go on to support their favorite clubs is a revolutionary case for digital assets. A large number of them are expected to witness a massive spike when the World Cup begins in November.

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CITY trading at $5.7 | Source: CITYUSD on TradingView.com

I already see the upside

Football fan icons are already seeing some improvement before the FIFA World Cup kicks off. Over the past 24 hours, searches for cryptocurrencies have been on the rise, resulting in them appearing at the top of the List of indicators on Coinmarketcap.

Coinmarketcap ranks digital assets according to the number of searches on the platform, and the Manchester City Fan Token (CITY) emerged as the most searched token in the last day. This put it at the top of the list. Another fan token, Santos FC Fan Token (SANTOS), has also appeared at the 9th position in the top 10 most searched cryptocurrencies on the platform in the past 24 hours.

These fan tokens also do not perform poorly in terms of price. In the last day, some tokens saw double-digit gains. Santos stock is up 8.20% and Citi is up 9.08%. The FC Porto Fan Token is up 17% in the last 24 hours, and so is the Portugal National Team fan token.

Featured image from MARCA, chart from TradingView.com

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Cryptocurrency

GBTC Elevator to Hell Sees Bitcoin Spot Price Close to 100% Premium

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bitcoin (BTCThe investment vehicle, Grayscale Bitcoin Trust (GBTC), is trading at nearly 50% below the price of BTC in the spot markets.

Data from the on-chain analytics platform Coinglass It confirms that on December 8, GBTC shares hit a new record high of -47.2% against BTC/USD.

GBTC problems are piling up after FTX

In the latest bout of nerves to hit the bitcoin industry since the fall of FTX, the price of GBTC is close to half the price against that of Bitcoin.

The largest institutional investment vehicle in bitcoin, with Assets worth about $10 billionGBTC has faced many challenges in recent years.

Its share price previously traded higher than BTC/USD, resulting in a so-called “GBTC premium.” Since 2021, however, that premium has turned negative, but the resulting “discount” has done little to attract additional institutional interest.

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As Cointelegraph reported, more than a few The main exceptions Like ARK Invest, GBTC is in a weak position as an operator of Grayscale, part of Digital Currency Group (DCG), is trying to turn it into an exchange-traded fund (ETF) – prosecution US regulators are getting in the way.

Amid the legal battle, FTX has raised liquidity issues elsewhere in the DCG empire, and this has led to suspicions about Grayscale and GBTC. greyscale back off To show evidence of its BTC reserves last month, despite assurances by custodian Coinbase that its assets are safe, added to the tensions.

Bitfinex’ed commented, “Grayscale is in some real trouble if they have to reveal the whereabouts of all the GBTC-enabled bitcoins” Wrote In part of a Twitter discussion on the subject this week.

This week, things got worse, like Grayscale He faced a lawsuit From investor Fir Tree regarding what it calls “shareholder unfriendly actions.”

GBTC premium vs asset holdings vs BTC/USD chart. Source: Coinglass

Meanwhile, public interest in crypto ETFs has declined this year, separate data She suggests.

Woo: “Partly bullish” issues for Bitcoin

However, the GBTC premium, having barely recovered from previous record lows, sank further against Bitcoin, which is known to correlate with net asset value (NAV).

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Related: Why did the bitcoin price drop today?

“GBTC USD discount on bitcoin NAV is on the express elevator to hell. => Sentiment = bearish,” Timothy Peterson, investment director at Cane Island Alternative Advisors, commented. Summarization.

Others lamented the slow pace of change in the United States as fanning the fire.

“Much of the pain could have been avoided this year if GBTC had been converted into a SEC ETF to keep everyone safe!” Investor and entrepreneur Alistair Milne reactionechoing popular sentiment from recent weeks.

Meanwhile, Willy Woo, creator of stats resource Woobull, argued that the impact of fading GBTC exposure was not necessarily a direct negative for BTC price strength.

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GBTC/DCG/Genesis fears a bearish cloud is hanging in the market. But part of the impact was “unexpectedly” bullish for Bitcoin. chirp on December 5th.

“37.5% of people who sold GBTC bought spot Bitcoin to take custody. Selling GBTC does not affect the price of Bitcoin, and buying spot affects the price of Bitcoin.”

An additional Twitter survey questioned platform users who hold GBTC by default about their motives for selling.

Willy Woo Twitter poll (screenshot). Source: Willy Woo / Twitter

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.