Prices for digital currencies.. Mass decline after a recovery period

Cryptocurrency prices have declined after a recovery period, as bitcoin fell during trading today, Friday, October 27, 2023.

The price of bitcoin fell during today’s trading by 1.85% to 34.050 thousand dollars.

The market capitalization of the world’s most famous cryptocurrency has fallen to the level of 665 billion dollars.

An exchange-traded fund (ETF) that holds bitcoin on behalf of fund investors, is seen as a demand driver because it will allow anyone who is reluctant to trade cryptocurrencies as a means of buying exposure to bitcoin through the stock market.

Anticipation also increased after reports this month that the US Securities and Exchange Commission, will not appeal the court’s ruling that it was wrong to reject the ETF application from Grayscale Investments. Grayscale Investments had requested to convert the investment fund “gray scale Bitcoin Trust” worth about 17 billion dollars into an exchange-traded investment fund.

A bitcoin exchange-traded fund would give investors a way to learn about the price movements of the digital currency without owning it directly.

Investment giant BlackRock is among several companies that have pending applications for bitcoins in the United States.

Speculation has been growing about its possible approval of the listing of BlackRock’s iShares ETF fund on the DTCC Clearing House website.

The head of it at Saxo Bank, Steen Jacobsen, said that basically the value of any asset, is the number of people using it; so the ETF will form a large audience and increase liquidity.