BTC’s Volatile Trading Day
The first trading day of 11 spot Bitcoin ETFs on the US stock markets was eventful, resulting in significant price movements. The approval of these ETFs by the US Securities and Exchange Commission brought both recognition and controversy to BTC. However, negative comments from Gary Gensler, the SEC chairman, added to the volatility.
Bitcoin’s price experienced several thousand-dollar swings on Wednesday and worsened on Thursday, the first trading day for the ETFs. Within a day, trading volumes exceeded $4 billion, pushing Bitcoin’s price above $49,000 for the first time in almost two years. However, it quickly dropped by over three grand, leading to substantial liquidations.
Currently, BTC has stabilized around $46,000 with a market capitalization just above $900 billion.
BCH and FTT Show Strength
While most altcoins experienced volatile performance alongside BTC in recent days, they have now calmed down with minor losses. However, Bitcoin Cash (BCH) and FTX Token (FTT) have defied this trend and shown significant gains.
BCH has soared by over 11% and is currently priced at $285. Litecoin (LTC) also performed well with a 5% increase, trading close to $75.
FTT has surged the most among the top 100 altcoins. The native token of FTX exchange has increased by 19% and is trading above $3.
The total crypto market cap has decreased by approximately $20 billion overnight and stands at $1.760 trillion.
Hot Take: BTC’s Rollercoaster Ride Continues
The first trading day for Bitcoin ETFs brought both excitement and turbulence to the market. While BTC experienced significant price swings, altcoins remained relatively stable with minor losses. Bitcoin Cash and FTX Token stood out as top performers, defying the overall market trend.
As Bitcoin continues its rollercoaster ride, it remains to be seen how these newly approved ETFs will impact the cryptocurrency’s future trajectory. Investors and traders must stay vigilant and adapt to the volatility in the market.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
