Bitcoin gaining steam on ETF optimism
Possible approval in next few weeks for first US spot Bitcoin ETFs is creating speculative support for the token
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Other Side Of Coin
- 1,500 digital coins ATMs closed down
- 3,600 Bitcoin ATMs closed down in March alone
- Over 2,300 new Bitcoin ATM machines added in May and June
- But over 4,000 Bitcoin ATMs were removed in July alone
- All-time high of Bitcoin ATMs were 39,100 in Dec 2022
- With 26,700 machines, US counts highest number of crypto ATMs
New York: Bitcoin, largest digital asset, surged 11.5 per cent to top $35,000 and later pared early gains and fell to $34,422.38 on Friday. With this, Bitcoin took its year-to-date (YTD) rebound from to 104 per cent. It touched record high of $68,000 in on November 11, 2021,
Bitcoin retreated from the more than one-year highs that were fueled by expectations of fresh demand from exchange-traded funds.
The possible approval in coming weeks of the first US spot Bitcoin ETFs is creating speculative support for the token. Asset managers BlackRock Inc and Fidelity Investments are gearing up to launch Bitcoin ETFs, which are expected to widen adoption of the cryptocurrency, said experts.
A US federal appeals court also formalized a victory for Grayscale Investments LLC in its bid to create a spot Bitcoin ETF over objections from the US Securities and Exchange Commission. The ongoing sluggish market trend for cryptocurrencies across the world has been taking a toll on crypto ATMs. The US accounts for highest number of crypto ATMs. Most of the removed Bitcoin ATMs this year till now were also from the US market.
