Crypto ETFs Plunge, Ether ETFs Drop Over 8%
Crypto ETFs Plunge, Ether ETFs Drop Over 8%Hong Kong, Aug 27, 2023 - Crypto ETFs experienced a collective decline, with the Bocom Ether ETF (03009) dropping 8.97% to HK$18
Crypto ETFs Plunge, Ether ETFs Drop Over 8%
Hong Kong, Aug 27, 2023 - Crypto ETFs experienced a collective decline, with the Bocom Ether ETF (03009) dropping 8.97% to HK$18.97, Huaxia Ether ETF (03046) falling 8.88% to HK$5.955, and CSRC Ether ETF (03179) decreasing 8.77% to HK$5.98. Huaxia Bitcoin ETF (03042) declined 5.8% to HK$7.385.
The broader crypto market saw a widespread dip, with Bitcoin slumping nearly 6% and breaking below the $60,000 mark. Ethereum fell to below $2,400, experiencing a decline of over 9% on the day. Analysts suggest that the downturn is a reversal of the gains achieved following the dovish comments made by Federal Reserve Chairman Jerome Powell last Friday. Powell proclaimed that the time for rate cuts is near during the Jackson Hole Annual Meeting.
It's worth noting that analysts previously highlighted a mining cost of $72,224 per Bitcoin for miners, significantly exceeding the current price of Bitcoin, which could put downward pressure on the market.
The collective decline in crypto ETFs is likely linked to recent market volatility. While Powell's dovish remarks at Jackson Hole initially boosted market sentiment, as the market digested the information and investor sentiment regarding the future of cryptocurrencies diverged, crypto prices experienced a pullback.
Bitcoin reached an all-time high of over $65,000 at the end of July but has since been in a volatile range. Some analysts believe that as Bitcoin mining costs rise and concerns about the value of cryptocurrency intensify, Bitcoin prices may face greater pressure in the future.
Ethereum, the second-largest cryptocurrency, is also affected by Bitcoin's price movements. Additionally, the upcoming Ethereum 2.0 upgrade introduces uncertainty into the market.
Overall, the cryptocurrency market remains volatile, and investors should exercise caution.
- This article is originally from ZhiTong CaiJing.
Tag: ETFs Crypto Plunge Ether Drop Over
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