On Monday, major cryptocurrency prices fell after a prolonged uptrend.
In the early trading session in London, Bitcoin (BTC-USD) lost more than one percent, but it remained above $30,000 and closed around $30,300 (£23,802).
When Volatility Shares announced that it would be launching its 2x Bitcoin Strategy ETF on Tuesday, Bitcoin hit a high of approximately $31,300 on Friday.
The goal of the fund is to “benefit from increases in the price of Bitcoin Futures Contracts,” but it will not directly invest in bitcoin.
More details: Ether (ETH-USD), one of the live cryptocurrency prices, dropped 1.3% to approximately $1,180.
According to data provider CoinGecko, the global cryptocurrency market cap is now $1.22 trillion, a decrease of 1% in the last 24 hours and a decrease of 23.77% compared to a year ago.
Following numerous prominent industry bankruptcies and SEC action against major exchanges like Coinbase (COIN) and Binance, Bitcoin had experienced a prolonged period of stagnation. Over the past few weeks, a recovery was sparked by an increase in interest from traditional financial players.
More details: Current tickers: The most recent information for investors regarding AB Foods, Cineworld, Aston Martin Lagonda, and BAE Systems The partnership between market maker Citadel Securities, Charles Schwab (SCHW), and Fidelity Digital Assets to launch EDX Markets, which provides trading in bitcoin, ether, and other digital assets, was made public the previous week.
In the meantime, Blackrock (BLK), WisdomTree, and Invesco (IVR), the largest asset manager in the world, have all filed to offer spot bitcoin ETFs, a vehicle that the SEC has so far refused to permit.