- 1 Samana has examined the developing role of cryptocurrencies in the market, following the approval of the SEC- Senior Market Strategist.
- 2 In the past 24 hours, the crypto market lost 5.09% of its market capitalization. When writing, the market cap stood at $1.68 Trillion.
- 3 Despite the intraday decline, ETH price is still in the positive boundary as it still recorded a 13.52% surge in the weekly time frame.
The Senior Global Market Strategist at Wells Fargo Investment Institute, Sameer Samana said in an interview with Bloomberg, that he has examined the developing role of cryptocurrencies in the markets, after the crucial decision of the US Securities and Exchange Commission, over the approval of spot Bitcoin ETFs.
He further added that the mellowing of crypto with respect to time, specifically Bitcoin, favored the potential of these digital assets to be part of a well-diversified investment portfolio.
However, Samana highlighted the importance of discussion on time, as the growth in trading price got doubled in a short duration.
Samana essentially wants to emphasize the risk. To avoid risk, one should carefully analyze the situation and scenario, he also notes that owning newly approved crypto product Bitcoin ETFs is good, but enthusiasm of the market should be kept in check.
As per Bloomberg, following the approval of the spot Bitcoin ETF, the sector attracted around $655 Million on the 1st day of trading.
Dozens of analysts claim that the approval of spot ETF will help the industry in several ways and will likely shape the industry as the evolving finance market, similar to traditional market and traditional currency.
Crypto Market & Bitcoin Price Reports
In the past 24 hours, the crypto market lost 5.09% of its market capitalization and when writing, it was $1.68 Trillion.
Similarly, Bitcoin declined around 7.25% intraday. At the same time, its market capitalization showed a gap of 7.23% (-$3.39 Billion) compared to a day earlier. On January 13, 2024, the reported market cap of BTC was $835.671 Billion.
It is important to note that at the time of writing, BTC was trading near its lowest trading price in the weekly time frame.
The sharp decline in Ethereum price suggests that ETH spot ETFs could be overhyped. ETH is back below the $2,600 mark. However, despite the intraday decline, ETH price is still in the positive boundary as it recorded a 13.52% surge in the weekly time frame.
The Spot ETFs approval has clearly impacted the market in a positive manner. Several crypto-related companies have announced collaborations and immediately made significant investments in nations that are facing severe financial crises.
It is believed that the entry of BlackRock and other financial giants in the crypto market and ETFs approval of the ETF will definitely help the crypto market to achieve new milestones in the coming times.
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.