This January, crypto ETFs began trading on the stock market. Early adopters jumped right in despite old-school investors being wary of the funds. But Bitcoin and Ethereum took massive plunges on Monday — only to bounce back the following day. At this point, are these assets just too volatile?
Analysts already predicted a notable 2024 for cryptocurrencies — especially Bitcoin. Nonetheless, it is unlikely that anyone could have foreseen how wide the pendulum would swing…
Aside from the launch of crypto ETFs, Bitcoin hit a record-high valuation in March…
However, shortly after two brothers figured out how to commit fraud on the once impenetrable Ethereum blockchain…
ALL OF THIS CULMINATED ON AUGUST 5TH WHEN BTC LOST $370 BILLION IN MARKET CAP!
Further, ETH weathered its biggest hit in three years in one day.
Yet as we mentioned, these digital token STFs didn’t take long to get back on their feet…
Don’t Count Crypto ETFs Out Yet…
Within 24 hours, both Ethereum and Bitcoin were on their way to a rebound. Also, more financial institutions are going to offer crypto ETFs to clients…
Because of how quickly they recovered.
Jenny Johnson, CEO of Franklin Templeton, commented to CNBC:
“You have a lot of firms that are in a wait-and-see mode. So you haven’t even gotten that second wave. This is really the first wave of the early adopters. I think the next wave is the much bigger institutions to get more comfortable with how it’s settled out.”
Still, for now, those invested in crypto funds have to decide if these ups and downs are worth it in the long run.
Be Great,
GCTV Staff
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