The leading cryptocurrency Bitcoin (BTC) is up more than 5% on the day today. However, it is now trading in the red. According to experts, price action is likely associated with S&P500 trading at its lowest level since November 2020. In this environment, news came that an asset management giant received a large amount of BTC.
Wise Origin Bitcoin Index Fund received from the leading cryptocurrency
cryptocoin.comAs you’ve followed, the crypto market saw sharp up and down movements today. Bitcoin crossed $20,000, up over 5% on the day. Then came the hard selling and slipped below $19,000. In this volatile market environment, the Wise Origin Bitcoin Index Fund has purchased $62.84 million worth of Bitcoin, according to filings with the U.S. Securities and Exchange Commission.
The Wise Origin Bitcoin Index Fund was recently launched. They also sold securities for the first time to track Bitcoin’s performance. The fund says it “allows investors to benefit from the performance of Bitcoin through a traditional limited partnership, private placement structure.”
The Fund has 733 accredited investors. Each investor participates with at least $50,000. In the meantime, it should be noted that Fidelity is raising funds as its trustee. The fund itself is managed by Fidelity’s Boston headquarters, with documents submitted by Chris Tyrer, Fidelity’s head of crypto-asset management. Meanwhile, the Fund came to the fore last Thursday with its purchase of $20 million worth of Bitcoin and ETH.
Bitcoin wipes its gains after intraday rally
Bitcoin rallied today, but wiped out gains as stocks pulled back. The leading crypto showed signs of life after surpassing $20,000 today. However, he has since reclaimed the sum of his gains. BTC is trading at $18,986, down 0.7% at press time, according to data from CoinGecko. Bitcoin’s initial bounce met resistance at the $20,350 area, which served as an important level as it dropped from $25,000 in mid-August.
Experts explain the rise and fall of Bitcoin with the latest sales in stocks. Because the crypto market has shown a high correlation with traditional markets throughout this year. The S&P 500 hit 3,631, its lowest level since November 2020, after a 0.71% pullback today. The Nasdaq Composite is trading nearly 200 points above summer lows. So, it hasn’t done the same yet. The Dow Jones, meanwhile, posted new lows this month.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.