Even BlackRock can’t lift Bitcoin to $69,000

Even BlackRock can’t lift Bitcoin to $69,000
Bitcoin's price failed to rally as Bitcoin ETFs debut in US. Credit: Andrés Tapia

It finally happened. Spot Bitcoin exchange-traded funds were approved in the US.

Following a false start the Securities and Exchange Commission approved 11 spot Bitcoin ETFs Wednesday. The funds went to market Thursday, with combined volumes of over $4.3 billion on the first day of trading.

Grayscale’s GBTC registered the highest volumes, over $2 billion, while BlackRock and Fidelity led the newcomers with over $1 billion and $673 million, respectively.

Bitcoin fell over 5% Friday afternoon in London, despite the big event and bettors on Polymarket don’t expect to see fresh highs anytime soon.

Stay ahead of the game with our weekly newsletters

There’s only a 22% chance that Bitcoin will beat its previous all-time high around $69,000 by March 31st, bettors on the platform say.

Watch this space!

Portrait of Gary Gensler with superimposed Bitcoins over a background of a circuit board.

Sorry, haters. Bitcoin ETFs are Gary Gensler’s legacy now

SEC Chair Gary Gensler may have been reluctant to sign off on Bitcoin ETFs. But the new products might be the chair’s most lasting legacy.

Portrait of Friend.techover a background of dollar bills.

The rise and fall of SocialFi: What friend.tech’s 90% plunge in revenue shows about a fading model

SocialFi, a mashup of social media and crypto trading, exploded in value last summer. Friend.tech was doing $10 million a day in trading volume before its sudden skid. Founders scrambled to capitalise on early success.

Join the community to get our latest stories and updates
Portrait of Wolfgang Münchau.

Bitcoin won’t help central banks avoid fiat debasement

Blockchain-based currencies could be a solution for central banks moving away from US dollars and euros. But don’t expect Bitcoin to be what they turn to, writes Wolfgang Münchau in his latest column for DL News.

Related Topics