Recent happenings in digital money have shown Bitcoin’s price dancing. On May 22, 2024, Bitcoin’s price did a little shuffle, staying close to the $70,000 mark after it had jumped up a bit before. This famous internet currency dipped a tiny bit from its high spot on Tuesday of $71,400, with its price now sitting at $70,069, which is a small drop of 1.6% in one day. At the same time, a big group of digital money, tracked by something called the CoinDesk 20 Index (CD20), also saw a tiny slide down of about 0.5%.
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- Bitcoin maintains its position around the $70,000 level following recent market fluctuations and a peak of $71,400.
- BlackRock’s spot Bitcoin ETF (IBIT) sees record inflows, with over $290 million in a single day, showcasing a surge in cryptocurrency ETF investments.
- WisdomTree receives approval to list Bitcoin and Ethereum ETPs on the London Stock Exchange, marking a significant advancement for cryptocurrency investment products in the regulatory landscape.
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Bitcoin’s Value Holds Steady at $70,000 Amid Surge in Cryptocurrency ETF Investments
A really cool thing happened with BlackRock’s special Bitcoin fund (IBIT), which got a huge wave of money thrown into it on Tuesday. It scooped up over $290 million, smashing records since April 5 and way more than the previous big day of $93 million on May 16. All these funds together got close to $300 million in new money that day.
Ethereum (ETH), which is another kind of internet money, also had a big day, with its total worth bumping up by more than $70 billion on Tuesday. It’s now almost as big as another digital money called Solana’s SOL token, which is worth around $80 billion. Ethereum’s price jumped more than 19% on Monday, hitting a total worth of $439 billion, thanks to folks thinking a special Ethereum fund might get the OK in the U.S. This could make Ethereum even more popular, especially with big investors. Right now, one Ethereum is worth $3,726, just a tiny bit less than the day before.
WisdomTree, a company that manages money, got a thumbs up to start selling Bitcoin and Ethereum funds on the London Stock Exchange, which is a big deal. They were one of the first to get a yes from the Financial Conduct Authority (FCA), meaning their Bitcoin (BTCW) and Ethereum (ETHW) funds can start being sold on May 28, but only to professional investors. These funds will have a small cost of 35 basis points. Back in March, the FCA said it was okay for these kinds of products to be sold to professional investors, changing its mind from a rule set in 2020. But everyday folks still can’t buy into these products.
A chart from a company called Kaiko showed that more people in the U.S. are trading Bitcoin during U.S. trading hours (from 1:00 PM to 8:00 PM UTC) than ever before, especially since the start of 2015 through the first four months of 2024. The U.S. part of the trading got as big as 46% in 2024, likely because of these new Bitcoin funds in the U.S. These funds figure out their price based on certain benchmarks at the end of the U.S. trading day, which helps traders make smarter moves.
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