The price of cryptocurrencies fluctuated on Friday as bitcoin dropped below the $27,000 mark. The debut of Ethereum futures by Valkyrie caused Ethereum to increase.
Following SEC approval, asset management Valkyrie will make ether and bitcoin futures available to investors via its Bitcoin Strategy ETF, the business announced on Thursday. The ticker for the fund will remain BTF, but Valkyrie will alter its name to Bitcoin and Ether Strategy ETF. Reuters reports that the rebranded fund will begin trading on Monday.
VanEck and ProShares, two asset managers, are also looking to provide pure ether futures ETFs. The SEC’s decision to allow a number of bitcoin futures ETFs has been postponed in the meantime.
Cryptocurrency price action
After approaching $27,400 on Thursday, the price of bitcoin dropped to $26,900 late Friday. Since late August, BTC has fluctuated around the $26,000 mark, reaching a monthly high of around $27,400 on September 19. On July 13, Bitcoin reached a 2023 peak of $31,809, but since July 24, it has been unable to recapture its $30,000 level. The largest cryptocurrency in the world has recovered 62.5% so far in 2018.
Near $1,690 intraday, Ethereum traded at $1,670 late Friday. Since September, ETH has hovered around $1,6000. After the Shanghai-market proof-of-stake transfer on April 13, Ethereum reached $2,139 on April 16, its highest valuation since May 2022. The second-ranked cryptocurrency rose 39% this year.
Investments in digital assets fluctuate. Despite variances in cryptocurrency’s fundamentals and technical indications, investors should have the same goals. First, know when to sell, cut losses, or take profits to stay safe. Second, prepare to profit if bitcoin prices rise.
Despite their initial promise, cryptocurrencies are not effective inflation hedges. Instead, they tracked broad indexes. For daily market updates, check The Big Picture and Market Pulse.