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Home»EXCHANGE NEWS»Two Weeks After Bitcoin ETF Adoption: Grineo’s Real-Time Review
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Two Weeks After Bitcoin ETF Adoption: Grineo’s Real-Time Review

By Crypto FlexsJanuary 27, 20244 Mins Read
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Two Weeks After Bitcoin ETF Adoption: Grineo’s Real-Time Review
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Sydney, Australia / January 26, 2024 / Grineopay.com, Blockonomi headquarters.

After months of anticipation, a cryptocurrency industry dream came true when the Bitcoin spot ETF was finally approved for trading in the United States two weeks ago. The hype leading up to this momentous event was enormous, with 11 ETFs recording high trading volumes on the first day.

However, the initial market reaction to this long-awaited news was relatively calm. Fast forward a week and the cryptocurrency market is in a downward trend. The price of Bitcoin has fallen 11.9% since January 12 and currently sits at just over $40,398.

This is a significant decline from the brief surge seen immediately after ETF approval to above $48,000. In fact, compared to the all-time high in November 2021 ($69,044.77), this decline amounts to 41.4%.

Bitcoin isn’t the only one feeling the effects of the market decline. Other major cryptocurrency assets, such as Ethereum, also saw much larger declines, with their prices down 10%. Tokens from popular smart contract platforms such as Solana (-6.6%), Polkadot (-8.3%) and Avalanche (-7.2%) have also taken a hit, losing a significant percentage over the past seven days as of Sydney, January 26, 2024. It has lost its value. Time, 9:40 PM.

Despite there being no immediate trigger for this downward movement, it appears to have followed a classic “selling the news” pattern. However, this is not uncommon in the stock market, as the event of ETF approval itself has already been reflected in high prices following a significant price surge since October.

Now, with no major catalysts to push the market higher, many traders are questioning whether prices have risen too quickly, too soon. As a result, they are choosing to play it safe and take profits wherever possible.

Looking back to October 2021, we see similar hype surrounding the approval of a Bitcoin futures ETF in the US, which also led to a price record at the time. However, this did not lead to sustained price increases and the market eventually turned around and has yet to reach those heights again.

Likewise, the introduction of Bitcoin futures in December 2017 led to a sharp decline in the market and reached all-time highs before the start of the infamous cryptocurrency winter of 2018.

However, it is important not to draw conclusions from these past events, as markets are influenced by numerous other factors. For example, what had a major impact on the cryptocurrency market in late 2021 was the Federal Reserve’s announcement of interest rate hikes. Even though ETFs may not have an immediate impact on prices, the long-term impact can be significant.

“According to Grineopay.com’s team of analysts, in the coming months the market is likely to be influenced by two major factors: the Bitcoin halving expected in April and the macroeconomic environment with the possibility of an interest rate cut in the near future. . . But there is another positive sign for the future of Bitcoin ETFs. The BlackRock Bitcoin ​ETF has already reached $1 billion in assets under management, a promising indication of potential success in the medium to long term.”
speaks to Blockonomi. Roman OstapenkoStrategic advisor at Grineo.

About Greeneo

Discover the innovative world of Grineo, the ultimate gateway to Australia’s digital currency economy. Our carefully crafted product line centered around Grineo Wallet+Card is designed to satisfy all levels of users with an intuitive interface and advanced trading features.

Headquartered in the bustling cities of Sydney and Melbourne, our fully regulated company, Grineo Pty Ltd, is supported by a team of banking and fintech experts.

Be part of the digital currency revolution and join us at our headquarters on Level 5, 14 Martin Place, Sydney, NSW 2000, Australia.

Unleash the potential of digital currencies with Grineo. Join the live debit card waitlist now at https://grineopay.com!

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