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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    By 20%... Bitcoin has declined since the launch of ETFs

    Rocky
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    • Post n°1

    By 20%... Bitcoin has declined since the launch of ETFs Empty By 20%... Bitcoin has declined since the launch of ETFs

    Post by Rocky Tue 23 Jan 2024, 5:01 am

    By 20%... Bitcoin has declined since the launch of ETFs

    By 20%... Bitcoin has declined since the launch of ETFs 40842



    money and business
       


    Economy News - follow up
     
    [rtl]Bitcoin has fallen nearly 20% since the January 11 launch of the first exchange-traded funds that invest directly in the cryptocurrency, as speculators become more cautious about the potential impact of the products.[/rtl]
     
    [rtl]The digital currency rose to $49,021 on the day ETFs were launched from issuers including; BlackRock and Fidelity Investments. Bitcoin was trading at $39,718 as of 8:33 a.m. Tuesday in Singapore, down 19 percent from that day's peak.[/rtl]
     
    [rtl]Nine new US spot bitcoin funds began trading on January 11, while the $22 billion Grayscale Bitcoin Trust - or GBTC - was converted from a closed-end structure to an ETF. A net $1.2 billion flowed into the group in the first six days, Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, wrote on the X website, and Al Arabiya Business reviewed it.[/rtl]
    [rtl]Balchunas said BlackRock's iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund received most of the inflow, while $2.8 billion exited the Gray Skull Fund. Among the sellers was the holding of bankrupt cryptocurrency exchange FTX, which offloaded the majority of its shares to the Grayscale fund.[/rtl]
     
    [rtl]“Over the past two weeks, Bitcoin has been challenged by tighter macro conditions — evidenced by rising interest rates and a stronger dollar — and significant selling pressure from traders unwinding their review positions,” Sean Farrell, head of strategy at Fundstrat Global Advisors, wrote. b GBTC along with the unloading of real estate assets for the bankruptcy of FTX.”[/rtl]
     
    [rtl]Farrell added that FTX's disposals will likely remove excess supply, suggesting that "heavy selling pressure from GBTC may subside soon."[/rtl]
     
    [rtl]Bitcoin has risen nearly 160% in the past year, outperforming traditional assets such as stocks, amid speculation that ETFs will spur wider adoption of the cryptocurrency by institutional and retail investors. The token has been declining since the beginning of the year and is lagging global markets.[/rtl]
    [rtl]Tokens such as Ether and BNB faced difficulty in Asia on Tuesday along with Bitcoin, the largest digital asset, which is about $30,000 below its 2021 pandemic-era record of about $69,000.[/rtl]


    Views 43
    Added 01/23/2024 - 8:18 AM
    https://economy-news.net/content.php?id=39724
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