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Bitcoin price surge ETF demand: Impact of ETF demand on Bitcoin
Bitcoin price surge ETF demand: Impact of ETF demand on Bitcoin
Since Bitcoin came out more than ten years ago, one of the main things that has drawn speculators to it has been its wild price changes.
Cryptocurrency market update
Bitcoin was trading around Rs. 41,50,250 after breaking through a closely watched level for the first time in over two years. This was a huge recovery from the crypto scandals and wipeouts that made people doubt the industry's ability to survive.
Bitcoin hits $50,000 milestone- Bitcoin value since 2021:
The most valuable digital asset was worth $49,960 at 10:52 a.m. Tuesday in Singapore, after going as high as $50,379 earlier. It lost 64% of its value in 2022, but it has tripled in value since the beginning of last year. Bitcoin is still about $19,000 less than its all-time high, which was reached in November 2021.
At first, Bitcoin was pushed as an alternative to the traditional financial system. The recent rise in value has been caused by the hope that last month's approval of spot Bitcoin exchange-traded funds will lead to wider acceptance by the public.
Chief market strategist at Miller Tabak & Co., Matt Maley said, "There is a lot of talk about money coming into this asset." "I should also say that the momentum players are getting excited."
Crypto prices are going up again because people think that monetary policy will become less strict, which makes riskier assets more appealing. "People are willing to take risks with digital assets too," said Chris Newhouse, a DeFi analyst at Cumberland Labs. Monday was also a good day for crypto-related stocks. MicroStrategy Inc., a Bitcoin proxy, saw its stock price rise 11%, Coinbase Global Inc. saw its stock price rise 3.8%, and Marathon Digital Holdings Inc. saw its stock price jump 14.2%. The good mood spread to Asian stocks that deal with digital assets, leading to gains in businesses like Japan's Monex Group and South Korea's Woori Technology Investment Co.
Impact of ETF demand on Bitcoin:
On January 11, nine new US spot Bitcoin exchange-traded funds opened for business. On the same day, the more than 10-year-old Grayscale Bitcoin Trust became an ETF. Because ETFs are easy to get, more people will likely want to invest in the token. About $9 billion has been put into the new funds so far, while more than $6 billion has been taken out of the Grayscale fund since it was converted. This trend seems to be losing steam. Besides new money coming into ETFs, people's feelings about Bitcoin are "typically positive" during the Lunar New Year holidays in Asia, which are currently going on, said a note from Fundstrat Global Advisors.
