Grayscale Bitcoin Trust rises 2.4% as largest bitcoin fund says it has formally kicked off plan to convert into an ETF


Bitcoin
BTCUSD,
+2.45%

plunged 7% to as low as $29,100 Wednesday, the lowest level since June 2021. The cryptocurrency lost almost $2,500 during the past hour, while it is down about 58% from its all-time high in November, according to CoinDesk data. Ether
ETHUSD,
+2.75%

declined 8% to as low as $2,127. Investors are watching the rescue plan to be conducted to support a so-called algorithmic stablecoin TerraUSD, which fell to as low as 23 cents on the dollar on Wednesday, before it rebounded to around 33 cents.



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