GBTC - Will Bitcoin ETFs Soar on Sooner-Than-Expected Fed Rate Cut? | Benzinga
Bitcoin (CRYPTO: BTC) surpassed the $71,000 mark, indicating increased market confidence in potential Federal Reserve interest rate cuts. This streak of daily increases is the longest in three months, just 4% below its all-time high of $73,798 set in mid-March, per Bloomberg.
Investors should also note that the short-term correlation between Bitcoin and the Nasdaq 100 Index is at its highest since early 2023, indicating that further gains in the tech-heavy index may coincide with a rise in the crypto market leader.
ETFs like Grayscale Bitcoin Trust (ARCA:GBTC), iShares Bitcoin Trust (NASDAQ: IBIT), Fidelity Wise Origin Bitcoin Fund (BATS: FBTC), ProShares Bitcoin ...