The digital assets market came back to print green indexes on Thursday as Bitcoin is keeping up its fight to regain the $66,000 price level. The minor recovery comes in as Australia introduced its first Bitcoin exchange-traded fund (ETF) on its main stock market. This was AUS’s response to a renewed investor interest in the crypto sector.
Bitcoin gets more power
As per reports, the VanEck Bitcoin ETF (VBTC.AX) debuted on the Australian Securities Exchange (ASX). It is holding assets totaling approximately A$990,000 ($660,429). However, this launch marks the efforts of over three years of negotiations with ASX’s operator.
The launch followed the increased investor interest in crypto ETFs. It was spurred by regulatory approvals gained in various markets. The US Securities and Exchange Commission (SEC) regulators approved multiple crypto ETFs in January. Then Hong Kong followed suit in April by launching six funds but with less enthusiasm compared to the US.
VanEck Australia has reported a surge in requests from brokers and financial advisers for similar products since it got regulatory approval in the US. Meanwhile, no such massive price jump can be seen in the BTC’s price.
Bitcoin recorded a marginal surge over the last 24 hours. BTC is trading at an average price of $65,703, at the press time. Its 24 hour trading volume is down by 43% to stand at $19.4 billion.
BTC price has nearly tripled since 2023, although it has plateaued since reaching a peak in March. It is holding a market cap of almost $1.3 trillion.
Can it make a comeback?
Despite competition from a subsidiary of CBOE Global Markets (CBOE.Z), which already hosts several Bitcoin ETFs, the VanEck Bitcoin ETF distinguishes itself as the first to launch on Australia’s main exchange. It will be listed alongside some of the country’s most prominent companies, such as BHP (BHP.AX) and Commonwealth Bank (CBA.AX).
Bitcoin’s recent price activity has been closely linked to US Federal Reserve liquidity conditions, according to financial commentator Tedtalksmacro. His analysis suggests a strong correlation between BTC price movements and Fed liquidity, a trend observed for several months.
The biggest altcoin, Ethereum (ETH) price is up by 16% in the last 30 days. ETH is trading at an average price of $3,578, at the press time. Its 24 hour trading volume is down by 30% to stand at $13.9 billion.
