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July 18, 2024
PI Global Investments

Bitcoin, Crypto Stocks Waver on First Spot Bitcoin ETF Trading Day

Bitcoin and crypto stocks are mixed after rising in tandem to start Thursday, the first trading day of U.S. exchange-traded funds holding the largest digital currency.

Bitcoin rose 1% in the past 24 hours to near $45,000 Thursday morning after initially surging to about $49,000, according to CoinDesk. Ether, the second-largest cryptocurrency by market value, jumped 7% to about $2,600.

Crypto exchange Coinbase Global, which serves as the bitcoin custodian for eight of the 11 funds, fell 7%. MicroStrategy, a bitcoin-buying software intelligence firm, was down 6%.

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