2024-01-14 11:17:20
The price of bitcoin has fallen significantly in recent days, despite the long-awaited approval for the arrival of listed bitcoin funds by the American stock market watchdog SEC.
Immediately following the admission of the so-called bitcoin ETFs on Wednesday, the reaction on the crypto market was not overwhelming. In the days that followed, the coin even lost a lot of value.
“Now that the first day of ETF trading is behind us, it already feels like the crypto markets have shifted to looking at the next story,” said an analyst from the firm Cumberland Labs.
On Sunday morning (Dutch time), bitcoin was trading for less than $43,000, according to data from CoinMarketCap. On this platform, which tracks the prices of crypto coins, bitcoin was briefly worth almost $49,000 a few days ago.
The new bitcoin ETFs should make the cryptocurrency more accessible to a larger group of investors, something that might significantly boost the price of bitcoin. Investors therefore do not have to immediately buy bitcoin and store it in a digital wallet. Instead, they are given the opportunity to invest in bitcoin indirectly through the exchange-traded funds.
The fact that there was no price explosion for the digital currency is probably because the news regarding the arrival of the bitcoin ETFs was already priced into the price. Partly due to the optimism regarding the possible arrival of listed bitcoin funds, the cryptocurrency has already risen in value by regarding 160 percent in the past year.
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