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In January 2024, the launch ofย Bitcoinย ETFs in the United States initially led to significant market declines due to exits from GBTC. However, by the end of February and March, market entries contributed to a rise, reachingย BTCโs all-time highs. Recently, it was announced that Hong Kong-approved spot Bitcoin andย Ethereumย ETFs have started operating. So, whatโs the current situation with Bitcoin and Ethereum?
๐บ How Much is Bitcoin Worth Now?
In the last 12 hours, there has been a noticeable increase in the price of Bitcoin. Amid uncertainties, Bitcoinโs price rose from $61,754 to $64,110, marking an increase of nearly 2% in the last 24 hours
Following the news, Bitcoinโs price did not show significant movement in the last 15 minutes. The market cap of Bitcoin still rose over 1%, reaching $1.262 trillion but not hitting the critical $1.3 trillion level.
On the other hand, the trading volume increased by 57% within 24 hours, reaching $27.7 billion. This suggests that investors are regaining interest in Bitcoin and cryptocurrencies.
There is still uncertainty regarding ETFs. While previously approved ETFs in Hong Kong were thought to have significant impacts, ongoing cryptocurrency pressure from China might keep these ETFs from attracting expected interest.
How investors will react to these newly launched ETFs in the region in the coming days is eagerly anticipated.
๐บ What is the Price of Ethereum?
Another ETF that started operations in Hong Kong is the Spot Ethereum ETF. In the US, the situation remains uncertain, and the recent listing of the Franklin ETF by DTCC is being closely watched.
Amidst all this, the price of ETH has approached the $3,200 mark and is currently trading at $3,192. This price represents a 2.97% decrease.
The market cap of ETH has decreased to $389 billion, while the 24-hour trading volume has risen by 32%, reaching $15.3 billion. How potential ETF news from the US might impact the price remains a topic of interest.
