EddieJayonCrypto

 11 Jan 24

tl;dr

Spot bitcoin exchange-traded funds began trading on U.S. exchanges for the first time, creating a surge in investor interest in cryptocurrencies like bitcoin and other major tokens. As a result, the biggest and oldest token, BTC-USD, saw a 2.5% increase to $46.7K, reaching as high as $49K early in t...

Spot bitcoin exchange-traded funds began trading on U.S. exchanges for the first time, creating a surge in investor interest in cryptocurrencies like bitcoin and other major tokens. As a result, the biggest and oldest token, BTC-USD, saw a 2.5% increase to $46.7K, reaching as high as $49K early in the session - the highest level since December 2021. However, despite the initial excitement, most new bitcoin ETFs saw losses soon after their debut, with only a few gaining ground.


Among the ETFs that declined in early trading were iShares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), ARK 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL), Fidelity Wise Origin Bitcoin Fund (FBTC), and Franklin Bitcoin ETF (EZBC). Conversely, Bitwise Bitcoin ETF (BITB) climbed 5.8%, while WisdomTree Bitcoin Fund (BTCW) eked out a 0.1% rise. The swings in trading came following the U.S. Securities and Exchange Commission's approval of 11 spot bitcoin exchange-traded funds, marking a significant milestone for the broader cryptocurrency market.

Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 22 Nov 24
 22 Nov 24
 22 Nov 24