Ether Tumbles 5.8%, Leading Large Crypto Losses, With Bitcoin Sliding Below $71K
Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
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Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
The bank’s analysts remained bullish on bitcoin and crypto in general no matter who wins the presidency in November.
Crypto market capitalization dropped 5% on average as Middle East tensions flared up late Monday, denting growth in risk assets.
Global equities and risk assets such as bitcoin took a hit Tuesday as Iran launched missiles on key Israeli locations, with the latter threatening retaliation in the coming days.
BlackRock and other funds have collected billions of dollars worth of inflows for their Ethereum products. Massive outflows from the Grayscale Ethereum Trust (ETHE) have overshadowed that, though.
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
More than $1.5 billion of exits from Grayscale’s high-fee Ethereum Trust more than offset inflows into the other spot products.
The eight spot ether exchange-traded funds had a successful launch on Tuesday, despite the missing staking feature that many investors had hoped to profit from.
The eight recently launched spot ethereum {{ETH}} exchange-traded funds (ETFs) posted nearly $600 million worth of volume in the first half of their first day of availability, according to data from Bloomberg.
ETH will start outperforming bitcoin following the ETF launch after almost two and a half years of underperformance, the report said.