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Exchange traded funds focused on Bitcoin (BTC-USD) and blockchain technology were higher during Wednesday’s trading, boosted by gains in the overall cryptocurrency market.
After trading at $15,766 on Monday as crypto broker Genesis warned of possible bankruptcyBitcoin (BTC USD) bounced back to above $16,400 level, including a gain of about 2% on Wednesday. Ethereum (ETH USD) rose by 3% to $1,159, Dogecoin (DOGE USD) jumped 4% to $0.08, and Binance Coin USD (BNB USD) +13% to $297.2.
The recovery in BTC-USD has boosted ETFs linked to the sector. Here are some of the biggest funds in the space, along with their intraday movement:
ProShares Bitcoin Strategy ETF (BITO) +2.4%Valkyrie Bitcoin Strategy ETF (BTF) +2.3%VanEck Bitcoin Strategy ETF (XBTF) +1.4%Invesco Alerian Galaxy Crypto Economy ETF (SATO) +2.9%Global X Blockchain & Bitcoin Strategy ETF (BITS) +2%Global X Blockchain ETF (BKCH) +2.2%VanEck Vectors Digital Transformation ETF (DAPP) +2.4%and Bitwise Crypto Industry Innovators ETF (BITQ) +1.4%.
Within the funds, many of the biggest names in the sector were benefitting from the upswing. Here are some of the crypto- and blockchain-related names showing strength, along with their intraday gains on Wednesday:
Robinhood Markets (HOOD) +2.4%Coinbase Global (COIN) +4%Bakkt Holdings (BKKT) +1.8%Marathon Digital (MARA) +0.23%Riot Blockchain (RIOT) +6.6%Hat 8 Mining (HAT) +3%MicroStrategy (MSTR) +1.5%HIVE Blockchain Technologies (HIVE) +2.4%and Argo Blockchain (ARBK) +2%.
Cryptocurrencies prices plunged in November after the fallout of Sam Bankman-Fried’s FTX empire and followed by Genesis warning of bankruptcy as it scrambled for funding.
Over a period of one year, BTC-USD has lost more than 71% of its value.
Earlier today, Cathie Wood reiterated her view that Bitcoin will reach $1M by 2030. For the bearish perspective, see why Seeking Alpha contributor Daniel Jones sees a coming Bitcoin collapse.