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Home > News

Published: 12/03/2024

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Author: Leexim

Bitcoin Surges to $72,000 as ETF Funds Continue Breaking Records
In early 2024, Bitcoin Spot ETFs experienced a remarkable surge, accumulating an astounding growth of $55 billion, with Fidelity and BlackRock leading the way.

Azcnews (4)
Table of Contents
The launch of the Bitcoin ETF in early January 2024 officially marked a significant milestone in the history of the cryptocurrency industry. With impressive figures, ETF funds have accumulated assets up to $55 billion and achieved a trading volume exceeding 100% of the initial expectations. This exceptional success has attracted attention not only from analysts but also from the investment community in this sector.

Bitcoin ETFs Set New Records in Growth
According to Eric Balchunas, a leading ETF analyst at Bloomberg, the success of the Bitcoin ETF is simply “illogical.” The rapid accumulation of assets and trading volumes surpassing expectations have created a positive shock. Balchunas acknowledges that, even at the end of 2024, the success of the Bitcoin ETF is undeniable. Among the standout products, Fidelity’s FBTC and BlackRock’s IBIT have outperformed their competitors significantly in terms of performance.


The Bitcoin ETF has not only set new records in terms of assets but also had a significant impact on the market. In just one week, the BTC Spot ETF segment in the United States surpassed the $50 billion total liquidity mark, with products from Grayscale, Fidelity, and BlackRock dominating the majority. The rapid growth and acceptance of the Bitcoin ETF reflect an increasing confidence in cryptocurrencies as a mainstream investment choice.

Balchunas has emphasized the “illogical” success of these financial tools, and his remarks on social media have further heightened widespread astonishment at the rapid application and operation of the Bitcoin ETF. The positive market response has paved the way for the development of cryptocurrency-related financial products in the future.

Hong Kong May Pioneer Ethereum ETF Trading
With the increasing allure of the Bitcoin ETF, industry attention is now shifting towards the possibility of approving an Ethereum ETF in the United States. However, the deployment of an ETH ETF faces numerous challenges. Issues such as political tensions and the unclear security status of Ethereum pose significant risks. In this context, Hong Kong is emerging as a pioneering nation in considering and approving immediate Ethereum ETF transactions.

Related: Bitcoin Reaches All-Time High at $71,000

Reports indicate that Hong Kong is actively discussing opportunities related to Ethereum ETFs. If successful, this could be a significant breakthrough, opening up possibilities for other markets. Analysts and investors in the industry closely monitor this development, signaling the potential expansion of cryptocurrency ETFs beyond Bitcoin.

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XRP emerges as a leading cryptocurrency, showcasing a notable 18.9% price surge, reaching $0.7293.

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Home > News

Published: 12/03/2024

-
Author: Leexim

XRP Surges 20% in Just a Few Hours Alongside Strong On-Chain Signals
XRP emerges as a leading cryptocurrency, showcasing a notable 18.9% price surge, reaching $0.7293.

Azcnews (1)
XRP has emerged as one of the standout digital assets among the top 100 by market capitalization, marking a significant milestone in its recent surge.

Over the past 24 hours, the price of XRP surged abruptly to $0.7293, achieving an impressive gain of 18.9%. This surge not only represents a unique increase in value but also comes with a substantial rise in trading volume, surpassing the $5 billion mark. Litecoin (LTC) closely followed XRP’s lead with a notable increase of 18.4%, securing its position as the second-highest gainer.

Analyzing the derivatives data for XRP, we observe a positive sentiment among traders during this upward trend. The trading volume of XRP futures has significantly increased by 348.07%, reaching a total value of $5.62 billion. Concurrently, open interest, representing the total value of outstanding futures contracts, rose by 30.44%, reaching $1.06 billion.

Xrpusdt
Xrpusdt
Despite a 46.56% decrease in options trading volume, the open interest for XRP options increased by 15.02%, indicating traders’ interest in long-term value while holding XRP options. On the trading platforms, Binance leads with $366.88 million in open interest for XRP futures contracts, followed by Bybit with $312.19 million and Bitget with $157.02 million.

Related: XRP Price Plummeted as Volume Peaked

However, the sudden surge in XRP’s price is accompanied by significant liquidation activity, highlighting potential risks associated with XRP futures contracts trading. In just one hour, the total liquidation value reached $1.02 million, underscoring the market’s volatility. Over the 24-hour period, the liquidation amount reached $9.95 million, with both long and short positions facing considerable liquidation risks.

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LATEST

Azcnews Breaking
News | Altcoin | Editor Choice 12/03/2024

Monad Seeks $200 Million Funding from Paradigm

The layer-1 blockchain project Monad is in discussions with several investment funds, including Paradigm, regarding conducting a fundraising round with a value of up to $200 million.

Azcnews (1)
News | Bitcoin | Editor Choice 12/03/2024

Bitcoin Miner Daily Revenue Surges to Record High Before Halving

Despite significant sell-offs in recent months, the treasury value of Bitcoin miners has surged to an unprecedented $131 billion.

Azcnews (2)
News | Defi | Editor Choice | Policy & Regulations 12/03/2024

Major DeFi Protocol Hacked: $2 Million Stolen

Unizen fell victim to a recent exploit, where a trade aggregator attack manipulated smart contracts, resulting in a loss of $2.1 million.

Azcnews (4)
News | Bitcoin | Editor Choice 12/03/2024

Bitcoin Surges to $72,000 as ETF Funds Continue Breaking Records

In early 2024, Bitcoin Spot ETFs experienced a remarkable surge, accumulating an astounding growth of $55 billion, with Fidelity and BlackRock leading the way.

Azcnews Breaking
News 12/03/2024

Eclipse Layer 2 Successfully Raises $50 Million

The Layer-2 platform developed on Solana, Eclipse, has recently successfully raised $50 million from various prominent investors in the market.

Top views
1
Memecoins Have Been Leading The Market For Several Days
2
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3
Bitcoin Market Shows Over 20% Gap in Supply and Demand Dynamics
4
What is Axelar Network? Information about Token AXL?
5
SynFutures Launches V3 on Layer-2 Blast
6
Bitcoin Surges to $65,000 as Tether Unleashes 1 Billion USDT
7
Cryptocurrency Exchanges in Korea Surge Amidst Bitcoin Rally
8
What is Portal? Information about PORTAL Token?
9
Taiko Raises an Additional $15 Million in Series A Round
10
XRP Whales Shift 62 Million Tokens in Price Rally
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