Investors hope Ether ETFs will boost crypto market as Bitcoin's price surge stalls
Bitcoin is down 17% in the past month, marking a low point in its recent resurrection. But imminent US approval of Ether ETFs could restore hope.
On Tuesday, DigitalX announced it will launch a Bitcoin ETF on the ASX later this week, marking the second such fund to be listed in Australia. That launch may help make the local crypto scene a little more vibrant. However, Bitcoin itself isn’t looking as robust as it was a week ago – much less a month ago.
At just over USD57,000 ($84,600), Bitcoin has fallen about 10% in the last seven days and 17% in the last 30 days. This retraction is not a huge concern for those who held Bitcoin through the crypto winter, where its price dipped below USD17,000. However, it is a sign that the market rally that began last October has stalled.
Crypto investors are hoping more ETFs can fuel a new run – but not Bitcoin ETFs. Instead, they are once again eyeing the SEC, which is expected to imminently approve a spate of Ether exchange-traded funds from the likes of BlackRock, VanEck and Grayscale.
It comes as Bitcoin is haunted by the ghosts of its shadier past – which is helping drag the entire market down with it.
