Bitcoin rebounds back above 48k

Bitcoin has battled back well this afternoon and seemingly disregarded what is going on elsewhere as the month draws to a close. That is not unusual of course as Bitcoin is, and should be detached for the most part, from the wider markets anyway as that is what it really designed for- an alternative. However, there is some interesting news coming over the wires regarding what is the biggest Bitcoin investment fund. The Greyscale Bitcoin trust has lost more than 22% this week according to reports and that is due to redemptions. That is to say investors pulling their money out of the fund and by proxy, out of Bitcoin. Indeed, the price of that is clearly lower by more than the underlying instrument over the course of this week as these reports point out. Now that is rather unusual especially as Bitcoin has lifted $4000 off its worst levels today. Naturally that divergence means only two things can happen; either the fund price recovers or Bitcoin is in for a spot of bother. There is no conclusion here though, but nevertheless the divergence is certainly something to take note of. Bitcoin traded to as low as 44,159 this morning, it is now just reaching its best levels of the afternoon as it lifts to 48,200