Best Bitcoin ETFs Of November 2024 – Forbes Advisor – Technologist
Nobody knows what the future of bitcoin ETFs, which are volatile securities, will be. Since inception, bitcoin prices have soared to more than $60,000 per coin. After that, they’ve dropped below $19,000.
Whether cryptocurrencies, and bitcoin in particular, will make good long-term investments, each individual investor can only decide for themselves. You should consider consulting a financial advisor before making investment decisions.
How Do Bitcoin ETF Approvals Affect Other Crypto Investments
The approval of bitcoin ETFs has opened up the world of cryptocurrency investing to many investors who otherwise may not have had an appetite for it. For example, investing in a spot bitcoin ETF, as opposed to owning cryptocurrency outright, may seem more secure or approachable to investors.
As more and more money flows into spot bitcoin ETFs, these ETFs have been able to purchase more bitcoin, thus decreasing bitcoin’s supply while increasing its demand. This has led to a significant price increase in bitcoin since the approval of spot bitcoin ETFs.
— Jack Callahan, U.S. head of wealth and trading at global fintech firm Revolut
As has often been the case throughout cryptocurrency’s short history, many other cryptocurrencies—often called altcoins, due to them being alternative coins to bitcoin—have risen in value in lockstep with bitcoin’s bull run.
Also, in the wake of the SEC’s spot bitcoin ETF approval, applications for other spot crypto ETFs have been submitted to the Securities & Exchange Commission. The SEC is now considering approval for spot Ethereum ETFs, which would provide more investors access to Ethereum, the second-largest cryptocurrency by market capitalization.
However, the approval of spot Ethereum ETFs still appears far off at this point.
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Azeem Rajpoot, the author behind Technolo Gist, is a passionate tech enthusiast with a keen interest in exploring and sharing insights about the rapidly evolving world of technology. With a background in Technologist, Azeem brings a unique perspective to the blog, offering in-depth analyses, reviews, and thought-provoking articles. Committed to making technology accessible to all, Azeem strives to deliver content that not only keeps readers informed about the latest trends but also sparks curiosity and discussions. Follow Azeem on this exciting tech journey to stay updated and inspired.