If you’re asking yourself, “Is Bitcoin a good investment?” Here’s some news for you.
Bitcoin and other cryptocurrencies fell on Friday as the surge fueled by institutional interest in the sector stalled.
Bitcoin has dropped 0.2% in the last 24 hours to USD 30,025. The largest cryptocurrency oscillated between levels over and below $30,000 following a week of sustained rises that took it to its highest since April.
After a rush of headlines about institutional interest in cryptocurrencies, including the debut of a new crypto exchange sponsored by Wall Street businesses and applications from BlackRock (BLK) and other corporations to form exchange-traded funds that would own Bitcoin, buying activity appeared to be on pause.
J.P. Morgan analysts wrote in a research note that if BlackRock or other firms are successful in their pursuit of a spot Bitcoin ETF, it may increase competition for spot Bitcoin ETFs, encourage firms to create other spot-crypto ETFs, and/or pave the way for other crypto productions that incorporate traditional financial instruments.
So, if you’re wondering, “Is Bitcoin a good investment?” It is when you know when to invest in it.
Beyond Bitcoin, Ether, which is the second-largest cryptocurrency, was down 1.0% to $1,886. Smaller cryptos, known as altcoins, were also sliding, with Cardano down 2.5% and Polygon down 3.6%. Dogecoin fell 1.9%.