Blockchain
Bitcoin falls near key level after launch of Soft Hong Kong ETF
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Cryptocurrency News: Cryptocurrency prices fell on Wednesday as bitcoin fell below $58,000.
Three spot bitcoin ETFs and three ether ETFs debuted in Hong Kong on Tuesday, but failed to meet launch-day expectations. The new Hong Kong ETFs recorded trading volume of $12.8 million on their first day, led by $9.74 million in bitcoin ETF volume, This was reported by Bloomberg analyst James Seyffart. However, the initial trading volume fell short of local media estimates by more than $100 million, CoinDesk reported.
In the meantime, digital asset analytics company 10x Research Notes that bitcoin is in another 20% correction amid the broader bull market that began in late June. However, this is different from the three most recent corrections of 20%+ due to institutional investments in bitcoin ETFs. 10x Research estimates that the average entry price of institutional holders of bitcoin ETFs is around $57,300, which could lead to more selling pressure as bitcoin approaches that level.
Bitcoin turned on The fourth halving concluded on April 19th, which drastically cut the rewards distributed to miners. The price of Bitcoin has historically increased in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Somewhere else, Sam Bankman-Fried was sentenced to 25 years on March 28 in prison for his role in the 2022 collapse of cryptocurrency exchange FTX.
The strong achievement of new highs has its roots in the historic step forward taken by the sector on January 11th. That was the first day of trading after the The SEC has approved 11 bitcoin ETF applicationswhich included the issuers ARK Investing (ARKK), Black rock (BLK), Grayscale, VanEck, and more. Coinbase serves as custodian for most new ETF issuers. How do cryptocurrency custodians keep digital assets safe?
The best Bitcoin and cryptocurrency ETFs to watch and buy
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Cryptocurrency price action
Bitcoin fell to $57,500 on Wednesday, marking a 5.7% decline over the past 24 hours. On March 14, bitcoin reached a new all-time high of $73,798. The cryptocurrency is below its previous peak of $68,990 set in November 2021.
Bitcoin had risen to $49,000 on Jan. 11 on the day of the ETF’s launch, only to fall back to its early December 2023 level before the SEC announcement. The world’s largest cryptocurrency has rebounded about 157% in 2023. Bitcoin is now up about 36% this year, with most of the gains accruing in February and March.
On Wednesday morning, Ethereum retreated about 3.6% over the past 24 hours, settling at $2,900. Ethereum is now a good distance away from its March 12 52-week high of $4,092. The No. 2 cryptocurrency is well below its November 2021 peak above $4,800.
On March 8, Ethereum surpassed the $4,000 level for the first time in 26 months. However, ETH jumped 26% in 2024.
Cryptocurrency Price Heat Map:
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Investments in digital assets are extremely volatile. Although cryptocurrency fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut your losses OR acquire profits. Second, prepare to profit if the cryptocurrency starts to recover.
Despite their original promise, cryptocurrencies have not worked as a hedge against inflation. Instead, they trended with the broader indices. Light The big picture and the pulse of the market to monitor daily market trends.
View IBD The best cryptocurrencies and crypto stocks to buy and watch page to help navigate the world of digital asset investing.
Do you want to delve deeper into the world of cryptocurrencies? Take a look at What is cryptocurrency? explanatory page.
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