ETFdb Logo
ETFdb Logo
  • ETF Database
  • Channels
    • Active ETF
    • Alternatives
    • Beyond Basic Beta
    • China Insights
    • Climate Insights
    • Commodities
    • Core Strategies
    • Crypto
    • Disruptive Technology
    • Dividend
    • Dual Impact
    • Emerging Markets
    • Energy Infrastructure
    • ESG
    • ETF Building Blocks
    • ETF Education
    • ETF Strategist
    • Fixed Income
    • Free Cash Flow
    • Future ETFs
    • Global Diversification
    • Gold & Silver Investing
    • Innovative ETFs
    • Institutional Income Strategies
    • Leveraged & Inverse
    • Managed Futures
    • Market Insights
    • Megatrends
    • Modern Alpha
    • Multi-Asset
    • Night Effect
    • Portfolio Strategies
    • Retirement Income
    • Richard Bernstein Advisors
    • Tax Efficient Income
    • Thematic Investing
    • Volatility Resource
  • Tools
    • ETF Screener
    • ETF Country Exposure Tool
    • ETF Sector Tracker Tool
    • ETF Database Categories
    • Head-To-Head ETF Comparison Tool
    • ETF Stock Exposure Tool
    • ETF Issuer Fund Flows
    • Indexes
    • Mutual Fund To ETF Converter
    • ETF Data for Journalists
    • ETF Nerds
  • Research
    • First Bitcoin ETF
    • ETF Education
    • Equity Investing
    • Dividend ETFs
    • Leveraged ETFs
    • Inverse ETFs
    • Index Education
    • Index Insights
    • Top ETF Sectors
    • Top ETF Issuers
    • Top ETF Industries
  • Webcasts
  • Themes
    • AI ETFs
    • Blockchain ETFs
    • See all Thematic Investing ETF themes
    • ESG Investing
    • Marijuana ETFs
  • Multimedia
    • ETF 360 Video Series
    • ETF Trends on Videos
    • ETF Trends on Podcasts
    • ETF Prime Podcast
  • Company
    • About Us
    • Swag Store
  • PRO
    • Pro Content
    • Pro Tools
    • Advanced
    • FAQ
    • Pricing
    • Free Sign Up
    • Login
  1. Crypto Channel
  2. More Tailwinds Might Emerge for Bitcoin
Crypto Channel
Share

More Tailwinds Might Emerge for Bitcoin

Tom LydonApr 06, 2022
2022-04-06

Bitcoin, the largest cryptocurrency by market capitalization, is trading slightly lower over the past week, but some market observers that modest funk could be snapped and that it could happen soon.

The start of more upside for bitcoin, other digital tokens, and funds such as the Grayscale Bitcoin Trust (GBTC) could commence as soon as today due to the start of the 2022 Bitcoin Conference.

“The Bitcoin 2022 conference will be held in Miami from Wednesday to Saturday this week, and the event could be a catalyst for the price to test and break its 200-day moving average ($48,300), which has been a short-term resistance,” said Bitbank analyst Yuya Hasegawa in a recent note.

The notion of investment conferences sparking upside for a particular asset or group isn’t far-flung. For years, the JPMorgan Biotechnology Conference has been viewed as a potential upside catalyst for biotech stocks and ETFs.

Obviously, bitcoin and cryptocurrency, in general, are much newer on the investment scene than biotech stocks, meaning the same applies to the bitcoin conference. However, the confab already has a track record of being a place where major headlines are revealed.

“At last year’s event, the president of El Salvador announced that he would send the bill to the parliament to make bitcoin one of its legal tenders, so the anticipation for a huge, positive announcement is building up and likely coming,” Hasegawa adds.

Obviously, a similar announcement would likely benefit spot bitcoin prices and funds such as GBTC, but there are no guarantees such headlines will emerge from this year’s meeting. That said, the conference runs through Saturday, providing ample opportunity for crypto market-moving news to emerge.

The event could also serve as a platform for bitcoin and some of its larger rivals to decouple from equities as correlations between the two asset classes have been high in recent months.

“Bitcoin and its peers are, theoretically, supposed to trade independently of mainstream financial markets. However, they have shown themselves to be correlated with other risk-sensitive assets like stocks — and especially technology stocks,” reports Jack Denton for Barron’s. “A boost in cryptocurrencies followed similar moves in the tech stock space, where the sector outperformed the wider market on Monday.”

For more news, information, and strategy, visit the Crypto Channel.

Loading Articles...
Help & Info
  • Contact Us
Tools
  • ETF Screener
  • ETF Analyzer
  • Mutual Fund to ETF Converter
  • Head-To-Head ETF Comparison
  • ETF Country Exposure Tool
  • ETF Stock Exposure Tool
  • ETF Performance Visualizer
  • ETF Database Model Portfolios
  • ETF Database Realtime Ratings
  • ETF Database Pro
More Tools
  • ETF Launch Center
  • Financial Advisor & RIA Center
  • ETF Database RSS Feed
Explore ETFs
  • ETF News
  • ETF Picks of the Month
  • ETF Category Reports
  • Premium Articles
  • Alphabetical Listing of ETFs
  • Best ETFs
  • Browse ETFs by ETF Database Category
  • Browse ETFs by Index
  • Browse ETFs by Issuer
  • Compare ETFs
Legal
  • Terms of Use and Privacy Policy
  • © 2023 VettaFi LLC. All rights reserved.
Follow ETF Database
Follow ETF Database

Advertisement

Is Your Portfolio Positioned With Enough Global Exposure?

ETF Education Channel

How to Allocate Commodities in Portfolios

Tom LydonApr 26, 2022
2022-04-26

A long-running debate in asset allocation circles is how much of a portfolio an investor should...

Core Strategies Channel

Why ETFs Experience Limit Up/Down Protections

Karrie GordonMay 13, 2022
2022-05-13

In a digital age where information moves in milliseconds and millions of participants can transact...

}
X