Bitcoin (BTC) briefly surpassed $49,000 on Thursday for the first time since December 2021, as US-listed spot Bitcoin exchange-traded funds (ETF) began trading with heightened anticipation.
The largest crypto asset by market cap rose from under $46,000 to over $47,000 today, then accelerated to reach $49,042 during the early U.S. trading session, according to data from CoinDesk Indices, which Collect prices from multiple exchanges. It then gave up all gains and fell below $46,000.
After the round trip, BTC was still up 1% in the last 24 hours and was trading slightly above $46,000.
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Cryptocurrency-focused stocks like Coinbase (COIN) also fell, erasing their premarket gains. Coinbase (COIN) fell 5% since the start of trading, while Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) each suffered losses of over 10%.
Previously, Mizuho Securities, with an underperform rating on Coinbase shares and a $54 price target, said the spot ETF approval was a “Pyrrhic victory for COIN” and the potential upside for Bitcoin ETF earnings may be more muted is as expected.
The highly anticipated debut of the eleven Bitcoin ETFs sparked significant volatility in the asset's price as investors closely monitor how much interest the eleven funds will attract at the end of the day.
According to BitMex Research, BlackRock's IBIT is the top performer among newly issued ETFs, with $500 million in trading volume as of 10:50 a.m. ET. Grayscale's GBTC, the world's largest Bitcoin investment fund upgraded from a closed-end fund to an ETF, recorded over $700 million in volume in the first hour of trading.
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