In January of 2024, the introduction of Bitcoin ETFs in the United States resulted in a significant decline in the market as investors withdrew from GBTC. However, as we reached the end of February and March, the market saw a resurgence as new investors entered, driving Bitcoin to reach its all-time highs. Recently, it was announced that spot Bitcoin and Ethereum ETFs have been approved in Hong Kong and are now operational. So, let’s take a look at the current situation with Bitcoin and Ethereum.
How Much is Bitcoin Worth Now?
Over the past 12 hours, there has been a noticeable increase in the price of Bitcoin. Despite uncertainties, Bitcoin’s price has risen from $61,754 to $64,110, marking a nearly 2% increase in the last 24 hours.
Following this news, Bitcoin’s price has remained relatively stable in the last 15 minutes. The market cap of Bitcoin has still increased by over 1%, reaching $1.262 trillion, although it has not yet reached the critical $1.3 trillion level.
On the other hand, the trading volume has seen a significant 57% increase within 24 hours, reaching $27.7 billion. This suggests that investors are once again showing interest in Bitcoin and other cryptocurrencies.
However, there is still uncertainty surrounding the impact of ETFs. While the previously approved ETFs in Hong Kong were expected to have a significant influence, ongoing pressure from China on the cryptocurrency market may hinder these ETFs from attracting the expected interest. The market eagerly awaits how investors will react to the newly launched ETFs in the region in the coming days.
What is the Price of Ethereum?
Another ETF that has begun operating in Hong Kong is the Spot Ethereum ETF. In the United States, the situation remains uncertain, and the recent listing of the Franklin ETF by DTCC is being closely monitored.
Amidst all of this, the price of Ethereum (ETH) has approached the $3,200 mark and is currently trading at $3,192, representing a 2.97% decrease.
The market cap of Ethereum has decreased to $389 billion, while the 24-hour trading volume has risen by 32%, reaching $15.3 billion. The impact of potential ETF news from the United States on the price of Ethereum continues to be a topic of interest.
Disclaimer: The information provided in this article is not intended to serve as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research before making any investment decisions.