Bitcoin is pulling back today and making a move back below the $30,000 mark. Drop comes after cryptocurrency custodian BitGo informed that it has terminated merger agreement with rival Prime Trust. Letter of intent on the merger was announced as recently as two weeks ago. Both companies are primarily providing wallet and stacking services.
CoinDesk is also informing that Prime Trust has been experiencing an exodus of clients and deposits to rival companies over the past weeks, which has increased risk of the company's insolvency. It should be noted that Prime Trust business is tied to TrueUSD stablecoin and rumours are already circulating that there are issues with redeeming this stablecoin.
Bitcoin dropped below $30,000 today, following an around-10% jump earlier this week that was triggered by unconfirmed news that BlackRock may be considering launching a Bitcoin ETF as well as receding concerns over Binance.
Bitcoin is pulling back after strong gains earlier this week. Interestingly, Bitcoin gained even amid declines on US100. Correlation between those two markets has weakened amid the latest issues around Binance. Source: xStation5
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