Article Rewrite:
Bitcoin ETF Launches in the US Led to Market Declines, But Now it’s on the Rise
When Bitcoin ETFs were launched in the United States in January 2024, the market initially experienced significant declines as investors withdrew from GBTC. However, as we entered February and March, market entries began to contribute to a rise in Bitcoin’s value, ultimately reaching its all-time highs.
Recently, it was announced that spot Bitcoin and Ethereum ETFs have been approved and are now operational in Hong Kong. So, what is the current situation with Bitcoin and Ethereum?
Bitcoin’s Current Value
Over the past 12 hours, there has been a noticeable increase in the price of Bitcoin. Despite uncertainties in the market, Bitcoin’s value has risen from $61,754 to $64,110, reflecting a nearly 2% increase in the last 24 hours.
Despite this news, Bitcoin’s price has not shown significant movement in the last 15 minutes. The market capitalization of Bitcoin has still increased by over 1%, reaching $1.262 trillion, but it has not yet crossed the critical $1.3 trillion mark.
On the other hand, the trading volume has seen a significant increase of 57% within 24 hours, reaching $27.7 billion. This suggests that investors are regaining interest in Bitcoin and other cryptocurrencies.
However, there is still uncertainty surrounding ETFs. While the previously approved ETFs in Hong Kong were expected to have a significant impact, ongoing pressure from China’s cryptocurrency regulations may hinder these ETFs from attracting the anticipated interest. It remains to be seen how investors will react to the newly launched ETFs in the region in the coming days.
Ethereum’s Price
Another ETF that has commenced operations in Hong Kong is the Spot Ethereum ETF. In the United States, the situation remains uncertain, with close attention being paid to the recent listing of the Franklin ETF by DTCC.
Amidst all these developments, the price of Ethereum (ETH) has approached the $3,200 mark and is currently trading at $3,192, representing a 2.97% decrease.
The market capitalization of Ethereum has decreased to $389 billion, while the 24-hour trading volume has risen by 32%, reaching $15.3 billion. It is of great interest to see how potential ETF news from the United States might impact the price of Ethereum.
Disclaimer:
The information presented in this article should not be considered as investment advice. Investors need to be aware that cryptocurrencies are highly volatile and carry risks. It is recommended that investors conduct their own research before making any investment decisions.
