Ethereum
Bitcoin Falls Near Key Level After Hong Kong ETF Soft Launch
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Cryptocurrency news: Cryptocurrency prices retreated early Wednesday as bitcoin trended below $58,000.
Three spot bitcoin ETFs and three ether ETFs debuted in Hong Kong on Tuesday, but failed to meet launch day forecasts. New Hong Kong ETFs saw trading volume of $12.8 million in its first day, driven by Bitcoin ETF volume of $9.74 million, Bloomberg analyst James Seyffart reported. However, the initial trading volume was lower than local media estimates of over $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 one is different from the three most recent corrections of over 20% due to institutional investment in Bitcoin ETFs. 10x Research estimates that the average entry price for institutional bitcoin ETF holders is around $57,300, which could lead to increased selling pressure as bitcoin approaches this level.
Bitcoin activated April 19 completed its fourth halving event, which reduced rewards paid 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 on March 28 to 25 years in prison in prison for his role in the 2022 collapse of crypto exchange FTX.
The strength of the new highs has its origins in the sector’s historic step forward on January 11. This was the first trading day after SEC Approved 11 Bitcoin ETF Applicationswhich included transmitters ARK Invest (ARKK), black rock (BLACK), Grayscale, VanEck and more. Coinbase serves as the custodian for the majority of 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 early Wednesday to $57,500, down 5.7% over the past 24 hours. On March 14, bitcoin reached a new all-time high of $73,798. The cryptocurrency is below its previous high of $68,990 set in November 2021.
Bitcoin had climbed to $49,000 on January 11 on the day the ETF launched, but then fell back to its early December 2023 level before the SEC’s announcement. The world’s largest cryptocurrency has rebounded about 157% in 2023. Bitcoin is now up about 36% year to date, with most of the gains compounded in February and March.
Ethereum is down about 3.6% over the past 24 hours, to $2,900 on Wednesday morning. Ethereum is now well away from its March 12 52-week high of $4,092. The #2 crypto well below its November 2021 peak above $4,800.
Ethereum crossed the $4,000 level on March 8 for the first time in 26 months. Yet, ETH jumped 26% in 2024.
Cryptocurrency Price Heatmap:
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Investments in digital assets are extremely volatile. Although the fundamentals and technical indicators of cryptocurrencies may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, reduce losses Or capture the profits. Second, get ready to enjoy if the cryptocurrency starts to rebound.
Despite their initial promise, cryptocurrencies have not served as a hedge against inflation. Instead, they trended with the broader indexes. Read Overview and market pulse to follow daily market trends.
See ITNs Best Cryptocurrencies and Crypto Stocks to Buy and Watch page to help you navigate the world of digital asset investing.
Do you want to deepen your knowledge about cryptography? Check What is cryptocurrency? explanatory page.
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