Recovery in crypto prices lifts Bitcoin and Blockchain ETFs (Cryptocurrency:BTC-USD)

Recovery in crypto prices lifts Bitcoin and Blockchain ETFs (Cryptocurrency:BTC-USD)

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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 bankruptcy, Bitcoin (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%, Hut 8 Mining (HUT) +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 scrambles 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.

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