Grayscale Bitcoin Trust discount to NAV hits record as bitcoin retreats

Grayscale Bitcoin Trust's ([[GBTC]] +1.9%) discount to NAV widens to almost 19% at April 22, its all-time biggest discount, according to tracker YCharts.That compares with its 52-week high of a 40% premium on Dec. 21. In the past five years, GBTC's premium to NAV rose as high as 132.6%.The decline comes as cryptocurrencies retreat after news that the Biden administration plans to almost double the capital gains tax to 39.6%.Bitcoin slips below $50K, recently trading at ~$49.8K, down ~6.8% in the past 24 hours; ethereum slides 9.9% to $2.29K; dogecoin falls 20% to 23 cents.