The fervor around spot ETFs led to a noteworthy increase in people trying to increase their exposure to Bitcoin through indirect investments.
The fervor around spot ETFs leads to a noteworthy increase in people trying to increase their exposure to Bitcoin through indirect investments.The king coin held on to its gains from last week’s fake news-induced rally, settling around the $34,000 levels at the time of publication, data fromThe fervor resulted in a noteworthy increase in people trying to increase their exposure to Bitcoin through indirect investments.
Unlike direct investments, which investors own themselves, indirect investments pool investor money to buy and sell assets. As a result, even if the investor does not have direct exposure to the asset, they buy in shares that normally respond to the underlying asset’s value.However, subsequent delays in approval by the U.S. Securities and Exchange Commission started to dampen investors’ spirits, causing the index to dip sharply.
However, the developments of last week led to a dramatic shift in sentiment. The total number of Bitcoin in such investment vehicles jumped to 691k from 683.5k. CryptoQuant also noted that the market’s next directions would heavily depend on SEC’s decision on the pending spot ETF applications.The heightened optimism spread to the derivatives market as well. As per Coinglass, Open Interest in Bitcoin futures leaped to $15.61 billion as of press time, the highest since the bear market roiled the markets in May 2022.OI has been on a steady uptrend over the last 10 days, complimenting a rise in Bitcoin’s market value.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Galaxy Digital's $140 Million Bitcoin Bet Fuels Optimism Amid Rising PricesFunding rates stay positive, but traders face liquidation challenges while anticipating a market correction for potential gains. Bitcoin maintains a positive Funding Rate, but long position liquidations exceed $20 million.
Read more »
Rising rents threaten Montreal's independent restaurantsMontreal's rising rents, along with the increasing price of food and labor, are putting independent restaurants at risk of closure. Chefs and restaurant owners are concerned that only chains and fast-food eateries will survive, leaving the city's dining scene devoid of its hallmark independent establishments.
Read more »
Crypto Memes Gain Momentum as Bitcoin RalliesCrypto-based memes have gained fresh momentum as Bitcoin rallies, with expectations of SEC authorization for Bitcoin ETFs. Pepe Coin surges 77%.
Read more »
French Minister of Armed Forces to Visit Lebanon Amid Rising Border TensionsSebastien Lecornu, France's minister of the armed forces, will visit Lebanon to meet with officials and reaffirm France's commitment to the stability of the country amid rising border tensions with Israel.
Read more »
French Minister of Armed Forces to Visit Lebanon Amid Rising Border TensionsFrance's Minister of the Armed Forces, Sebastien Lecornu, will visit Lebanon to meet with officials and reaffirm France's commitment to the stability of the country. The visit comes as border tensions between Lebanon and Israel escalate since the start of the Gaza conflict. Lecornu will also visit the United Nations peacekeeping force UNIFIL, which recently had its headquarters damaged by a shell.
Read more »
Record Number of Canadians Relying on Food Banks Amid Rising CostsThe number of Canadians using food banks has reached a record high due to high inflation and mounting housing costs. Many families are skipping meals and going without fresh produce as they struggle to make ends meet. The situation is being felt across the country, with nearly two million people visiting food banks in March alone.
Read more »