Bitcoin and the other major cryptocurrencies rebounded after a steep mid-week selloff on concerns about regulatory crackdowns in SKorea.
After briefly dipping to near $9,000 during the week, Bitcoin traded near $12,000 on Friday as investors turned their attention away from Asian government crackdowns and focused on some new cryptocurrency-related options for US investors.
Currently, Bitcoin is trading at: 11,629.9951,+251.22, +2.21% at the close: 1:32a GMT
This week’s selloff was triggered by reports that SKorea is considering following China’s lead and shutting down all domestic cryptocurrency exchanges.
SKorea accounts for up to 12% of all global Bitcoin trading, according to CryptoCompare.
Despite concerns in Asia, US investors now have some new ways to invest in cryptocurrency and blockchain technology.
1st, 2 new blockchain-focused ETFs (exchange-traded funds) came the market this week. The Reality Shares Nasdaq NexGen Economy ETF (BLCN) and the Amplify Transformational Data Sharing ETF (BLOK) began trading Wednesday.
The ETFs invest in companies focused on blockchain technology, the underlying decentralized public ledger system responsible for the unique security of cryptocurrency transactions.
In addition to the 2 new ETFs, British cryptocurrency wallet Blockchain officially launched in the US Thursday.
Blockchain could potentially rival Coinbase as the leading service to buy and sell cryptocurrencies directly in the US market.
The new digital wallet and new ETF options are helping to open up the US cryptocurrency market for Americans who have previously had limited investment options.
The US Securities and Exchange Commission has yet to approve a Bitcoin ETF listing on a major exchange due to concerns about investor safety.
The Bitcoin Investment Trust (GBTC) trades on the lightly regulated OTC (over-the-counter) market.
The regulatory fears have been a big hit to sentiment, but in our view it is temporary, as there is a hand-off taking place from Asian investors who are being prohibited from investing to US and Japanese investors, who are just beginning to discover the asset class.”
Volatility is nothing new to cryptocurrency investors, but the general trend has been negative in recent weeks.
In the past month, the Bitcoin Investment Trust is down more than 30%.
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Have a terrific weekend.