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Bitcoin price drops to around $42,000 after spot ETF trading begins

Economic Times

Economic Times · 1y ago

Bitcoin price drops to around $42,000 after spot ETF trading begins

The price of Bitcoin dropped to around $42,000, down almost 10%, as spot Bitcoin exchange-traded funds (ETFs) began trading in the US. Bitcoin had reached a high of $46,000 last week and surged to a two-year high of $49,000. However, the recent dynamics have not met the expectations set by Bitcoin maximalists, and the market's ability to sustain upward momentum is in question. The approval of spot Bitcoin ETFs in the US is seen as a sign of a maturing market and regulatory support.

Related News

Fresh bitcoin hype shows crypto just can’t help itself

Wired · 1y ago

Fresh bitcoin hype shows crypto just can’t help itself

The prospect of a spot bitcoin exchange-traded fund (ETF) being launched in the US has fueled hype and a surge in crypto prices. Investment firms like BlackRock and Fidelity are preparing to launch spot bitcoin ETFs, which would allow investors to hold bitcoin through a conventional financial product. Although the arrival of a spot bitcoin ETF signifies greater acceptance of bitcoin in legacy financial institutions, analysts warn against mis- and overstating the impact on bitcoin's price. While some believe it will increase demand, others predict a potential price plunge as investors quickly cash out.

Hong Kong's largest bitcoin ETF assets up five-fold since October

Economic Times

Economic Times · 1y ago

Hong Kong's largest bitcoin ETF assets up five-fold since October

The largest bitcoin futures exchange-traded fund in Hong Kong has seen its assets under management soar to over $100 million in the past five months. The CSOP Bitcoin Futures ETF has experienced significant demand, fueled by the approval and launch of spot bitcoin ETFs in the US. The rally in bitcoin and its outperformance of Hong Kong stocks have also contributed to the increased interest. The CSOP Ether Futures ETF has also seen its assets double this year, while average daily turnover for the CSOP Bitcoin Futures ETF has surged to $2.8 million. There are expectations that Hong Kong may approve the first spot bitcoin ETF this year.

FTX sold about $1 billion of Grayscale's bitcoin ETF since its approval: CoinDesk

Economic Times

Economic Times · 1y ago

FTX sold about $1 billion of Grayscale's bitcoin ETF since its approval: CoinDesk

FTX, one of the leading cryptocurrency exchanges, reportedly sold around $1 billion worth of Grayscale's Bitcoin ETF (Exchange Traded Fund) since its approval. The sales came after the ETF received approval from the US Securities and Exchange Commission (SEC). FTX has been experiencing significant growth in trading volumes and user adoption and has become known for its wide range of innovative and popular cryptocurrency products.

US SEC further delays decision on BlackRock's spot ethereum ETF

Economic Times

Economic Times · 1y ago

US SEC further delays decision on BlackRock's spot ethereum ETF

The US Securities and Exchange Commission (SEC) has once again delayed its decision on BlackRock's application for the iShares Ethereum Trust. BlackRock, a prominent asset manager, filed its application for a spot ethereum exchange-traded fund (ETF) in November of last year. The ETF would be listed on Nasdaq if approved. Ether, the second-largest cryptocurrency, has seen increasing interest from institutional investors. The SEC previously delayed its decision on BlackRock's application in January, following the approval of several bitcoin ETFs. A spot crypto ETF allows investors to gain exposure to a digital asset's market price without purchasing the currency itself.

Bitcoin ETFs Are Off to a Roaring Start. Are Other Crypto Funds Next?

Livemint

Livemint · 1y ago

Bitcoin ETFs Are Off to a Roaring Start. Are Other Crypto Funds Next?

Several Wall Street firms, including BlackRock and Fidelity Investments, have filed applications to launch the first US-listed exchange-traded funds (ETFs) holding ether, the second-largest cryptocurrency. A spot ether ETF, if approved by the Securities and Exchange Commission, could open the floodgates for ETFs backed by more speculative crypto assets. However, critics have expressed concerns over the volatility and potential price manipulation associated with these assets. The SEC has until May to approve or reject the first application for a spot ether ETF, with analysts suggesting approval is possible given the recent approval of spot bitcoin ETFs.

Grayscale bitcoin ETF saw record daily outflows as bitcoin tumbled

Economic Times

Economic Times · 1y ago

Grayscale bitcoin ETF saw record daily outflows as bitcoin tumbled

Bitcoin experienced a selloff, resulting in record outflows from Grayscale's Bitcoin Trust. The outflows from Grayscale's ETF reached a daily record of $642.5 million on Monday, as investors unloaded holdings. Since converting into an ETF on January 10th, the Grayscale fund has witnessed outflows totaling approximately $12 billion. However, the fund's assets currently stand at $27.2 billion, mitigating some of the losses. Nine new spot bitcoin ETFs approved by the SEC have seen inflows of money since their launch. Profit-taking and redemptions are expected for the largest and most expensive bitcoin ETF.

SEC chair says account on X was hacked, denies bitcoin ETF has been approved

Economic Times

Economic Times · 1y ago

SEC chair says account on X was hacked, denies bitcoin ETF has been approved

The Securities and Exchange Commission (SEC) stated that their account on the social platform X was hacked and an unauthorized post claiming the approval of a bitcoin exchange-traded fund (ETF) was made. SEC Chairman Gary Gensler clarified on his personal account that the SEC has not approved the listing and trading of bitcoin ETFs. Bitcoin's price briefly spiked and then dropped after the incident. The SEC's lax security controls over its accounts have drawn criticism from politicians. This is not the first time false market-moving information about bitcoin has circulated on regulated exchanges.

Bitcoin ETFs test investor commitment to gold-backed paper

Economic Times

Economic Times · 1y ago

Bitcoin ETFs test investor commitment to gold-backed paper

The growing interest in bitcoin exchange-traded funds (ETFs) is leading some investors to shift their focus from gold-backed ETFs. While spot bitcoin ETFs provide an alternative for investors looking to hedge against inflation, analysts believe they won't pose a long-term challenge to gold. The recent approval of ETFs tracking the price of bitcoin by US regulators has opened up further opportunities for growth in the ETF market. However, caution is advised as bitcoin's volatility is still a concern for some, and gold remains a reliable asset for wealth preservation.

Bitcoin gives up gains after BlackRock denies ETF approval report

Economic Times

Economic Times · 1y ago

Bitcoin gives up gains after BlackRock denies ETF approval report

Bitcoin's price surged briefly following a report from Crypto news outlet Coin Telegraph that claimed the US Securities and Exchange Commission (SEC) approved BlackRock's application for a spot bitcoin exchange-traded fund (ETF). However, the gain was largely reversed after a Fox Business reporter stated on social media that BlackRock confirmed their application was still under review. BlackRock later confirmed the SEC's ongoing review. Crypto markets have been eagerly anticipating the decision, as the approval of BlackRock's application is expected to drive investment in the sector.

BlackRock, Ark lower fee for planned spot bitcoin ETFs

Reuters · 1y ago

BlackRock, Ark lower fee for planned spot bitcoin ETFs

BlackRock and Ark Investment Management have both reduced the fees for their proposed spot bitcoin exchange traded funds (ETFs), in a bid to outshine their competitors in launching similar investment products. BlackRock's iShares Bitcoin Trust will charge a fee of 0.25%, while the ARK 21Shares Bitcoin ETF has lowered its fee to 0.21%. The competition among ETF managers highlights the urgency to capture a share of the expected influx of capital. The fees charged by the ETFs will play a crucial role in determining the level of asset inflow.

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