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The Roundup: Even BlackRock can’t lift Bitcoin to $69k
Adam Morgan-McCarthy
January 12, 2024
Adam here.
It finally happened. Spot Bitcoin exchange-traded funds were approved in the US.
Following a false start the Securities and Exchange Commission approved 11 spot Bitcoin ETFs Wednesday. The funds went to market Thursday, with combined volumes of over $4.3 billion on the first day of trading.
Grayscale’s GBTC registered the highest volumes, over $2 billion, while BlackRock and Fidelity led the newcomers with over $1 billion and $673 million, respectively.
Bitcoin fell over 5% Friday afternoon in London, despite the big event and bettors on Polymarket don’t expect to see fresh highs anytime soon.
There’s only a 22% chance that Bitcoin will beat its previous all-time high around $69,000 by March 31st, bettors on the platform say.
Watch this space!
Adam
SEC Chair Gary Gensler may have been reluctant to sign off on Bitcoin ETFs. But the new products might be the chair's most lasting legacy.
SocialFi, a mashup of social media and crypto trading, exploded in value last summer. Friend.tech was doing $10 million a day in trading volume before its sudden skid. Founders scrambled to capitalise on early success.
Blockchain-based currencies could be a solution for central banks moving away from US dollars and euros. But don’t expect Bitcoin to be what they turn to, writes Wolfgang Münchau in his latest column for DL News.
Post of the week
Lot of ppl sending me this tweet. On one hand, if GBTC outflows were big, he's right it was net neutral day for btc buy/sell by ETFs. On the other, it was a TERRIBLY HUGE SUCCESS. By all metrics: volume, # of trades, flows, media coverage it was smashing success, historical. And… twitter.com/i/web/status/1…
— Eric Balchunas (@EricBalchunas)
11:46 AM • Jan 12, 2024
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