BITCOIN WAS FLOODED WITH 1 BILLION DOLLARS POST BITCOIN SPOT ETF APPROVED

 


Hi Aregania friends, on this occasion, I want to give you news about finance (BITCOIN), so pay attention to the good news this time carefully. Launching from CNBC INDONESIA


 The majority of crypto markets are in positive territory after spot-based bitcoin exchange-traded funds (spot bitcoin ETFs) were approved by the US Securities and Exchange Commission (SEC) followed by a rapid flow of funds into digital asset investment products.


 Referring to CoinMarketCap on Tuesday (16/1/2024) at 8.15 WIB, the crypto market is dominated in the green zone. Bitcoin rose 1.09% to US$42,644.06 despite experiencing a weekly depreciation of 8.86%.


 Read: There is a Bitcoin ETF, Is It Time to Include BTC in Your Portfolio?

 Ethereum was in the positive zone of 1.1% in the last 24 hours and in a week flew 8.78%


 BNB experienced an appreciation of 4.32% on a daily basis and rose 5.03% on a weekly basis.

 Meanwhile, Avalanche edged up 0.57% in the last 24 hours and is in the green zone at 0.41% on a weekly basis.


 The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, rose 0.91% to 1,831.07. Open interest appreciated 0.79% at US$38.68 billion.


 Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 61, which shows that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.


 Reporting from coingape.com, the crypto market experienced a large influx of funds last week, with a reported US$1.18 billion or equivalent to IDR 18.29 trillion (assuming an exchange rate of IDR 15,500/US$) flowing into digital asset investment products. CoinShares noted this significant activity in its latest report due to the launch of its Bitcoin ETF.


 Trading volume for exchange products reached a record US$17.5 billion, thanks to the debut of the BTC ETF. This figure contrasts with the 2022 weekly average of US$2 billion.


 The potential impact of a Bitcoin ETF is currently being considered. However, some experts anticipate that this will change the flow of retail funds into the sector. Bitcoin advocate and author, Vijay Boyapati, believes that this ETF approval could release a large amount of retail capital into Bitcoin.