Bitcoin Faces Further Losses Before Rally Restarts, Say Analysts
Despite a bounce earlier on Friday, bitcoin may yet see further losses in the near term.
Bitcoin prices for the last 24 hours.
(CoinDesk 20)
Updated Jan 22, 2021 at 2:44 p.m. UTC
Bitcoin Faces Further Losses Before Rally Restarts, Say Analysts
Bitcoin’s shorter-term price woes are likely not over yet, analysts say, with one predicting a further decline to $26,000.
The cryptocurrency fell by 13% on Thursday in a spot market sell-off, hitting a low of $28,845 earlier on Friday, the lowest level since Jan. 4. In the hours since, the cryptocurrency has regained some poise to trade back above $31,000.
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The Ethereum ETF is the first of its kind to be listed on a major stock exchange. It is backed by 3iQ with Gemini Custody Services managing the ETF.
The Toronto Stock Exchange (TSX) on Thursday got its first Ethereum-based ETF. The fund, which made its debut at $10.80 per share, raised $76.5 million in its IPO and holds almost 134,000 ETH. This listing is a step towards bringing digital asset trusts to a new crowd of investors and traders. Canadian digital assets manager 3iQ was given the go-ahead for the fund on 3 December. It saw a volume exceeding $310,000 on its first day, trading 345,331 shares.