Source: Adobe / Tim
The price of bitcoin (BTC) fell on Friday morning US time, just as the second ETF backed by bitcoin futures, the ETF Valkyrie Bitcoin Strategy with BTF ticker, went into operation in the bag of Nasdaq securities.
Since going live at 09:30 ET (13:30 UTC), BTF is down 3.15% from a price per share of $ 25.34 for the first registered trade, to $ 24.54 at the time of the post (14:58 UTC).
5-minute chart of the first 2 hours of trading. Source: TradingView
The new ETF closely followed the spot price of bitcoin as seen on Coinbase in the first hour of trading. However, it is worth noting that the drop in the spot price of bitcoin occurred almost immediately after the ETF was activated on Wall Street.
The green vertical line indicates when the ETF was activated. The orange line is ETF, the blue line is BTC / USD on Coinbase. Source: TradingView
Meanwhile, the fall in the price of bitcoin also followed the comments of the Chairman of the Federal Reserve of US Jerome Powell on Friday morning US time, where he said inflation “is well above target” and the central bank is “on track to begin our downsizing.” However, Powell also noted that “it would be premature to increase rates” at the present time.
Powell’s comments came in a speech at a conference organized by the Bank for International Settlements (BPI).
At 15:21 UTC, bitcoin was down 2.8% in the last 24 hours to trade at a price of $ 61,720, according to CoinGecko. The cryptocurrency held at more than 7% for the past 7 days.
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