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Led in large part by bitcoin, cryptocurrency is an increasingly mainstream asset class. The debut of spot bitcoin ETFs earlier this year in the U.S. cemented that notion.
As of Monday, the global cryptocurrency market had a total market capitalization of $2.69 trillion, with over $1.8 trillion coming from bitcoin and ethereum combined, according to CoinMarketCap.
Last week, the Securities and Exchange Commission finally gave the green light for spot bitcoin exchange traded funds to list in the U.S. The Invesco Galaxy Bitcoin ETF (BTCO) is one of the 10 ETFs providing exposure to spot prices of the largest cryptocurrency.
Finally, the ETF industry can let out a sigh of relief and revel in the fact that spot bitcoin ETFs will be available to U.S. market participants.
The Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) surged nearly 142% in 2023. That made it one of 2023's best-performing thematic ETFs.
Cryptocurrency prices, including those of bitcoin, are proving resurgent of late. Therefore, some investors are renewing their focus on blockchain stocks.
Amid hope and speculation that a spot bitcoin exchange traded fund will soon come to market in the U.S., some investors are renewing their enthusiasm for cryptocurrencies. They might not want to lose sight of the blockchain investment thesis.
Cryptocurrency is a young asset class. Over its brief life span, it's developed a reputation for sharp price action in both directions.
Investing and trading are emotional pursuits and many of the mistakes retail market participants make can be tied to emotions. For example, many ordinary investors are apt to commit “sins” such as buying high and selling low and making temporary mistakes permanent.
As has been widely reported, big news in the cryptocurrency realm arrived Tuesday when a US Appeals Court ruled that the Securities and Exchange Commission (SEC) must consider Grayscale's efforts to convert the GBTC bitcoin index fund into an exchange traded fund. That doesn't guarantee spot bitcoin ETFs will come to life.
FAQ
- What is BLKC ETF?
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