Skip to content

Is Bitcoin ETF Euphoria Dissipating? Investors Disagree

Since reaching a high of $31,410 on Friday, Bitcoin has traded within a $1,500 range. That raises a serious question: Will last week's momentum continue in the long run?

Photo by Traxer / Unsplash

After reaching a new one-year high last week, Bitcoin rapidly fell into a narrow trading range, leaving re-energised fans wondering if the recent momentum will endure.

Bitcoin accounts for around half the cryptocurrency industry's $1.2 trillion market value. The world's largest digital currency was last up around 1% at $30,500.

Long-term investors expect that enthusiasm to continue if there is a go-ahead for a Bitcoin exchange-traded fund (ETF).

"Given the slew of industry scandals and bankruptcies that shook the sector at the close of last year, the break of the previous year's high may be important in the long term," said a Chief Investment Advisor at a large investment firm in New York.

This post is for subscribers only

Subscribe

Already have an account? Sign In

Latest

CertiK: White Hat or Black Sheep?

CertiK: White Hat or Black Sheep?

The security firm faces accusations of extortion after exploiting a vulnerability in Kraken, a major cryptocurrency exchange. CertiK allegedly demanded a ransom for the return of stolen funds instead of following responsible disclosure procedures.