Cryptocurrency

Bitcoin ETF

Bitcoin

Rise

<p style="text-align: justify">Matrixport, a crypto <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> services platform, stated in its recent note that the price of <a href="https://en.coin-turk.com/first-physical-bitcoin-heading-to-the-moon-a-significant-milestone-for-crypto-and-space-exploration/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-price-predictions-and-top-performing-altcoins/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>), the world’s largest cryptocurrency by market capitalization, has increased by 25% last month, with the majority of this gain recorded during the US trading session, emphasizing the importance of the US market for the cryptocurrency market.</p>
<h2 style="text-align: justify" id="strong-the-importance-of-the-us-market-for-the-cryptocurrency-market-strong"><strong>The Importance of the US Market for the Cryptocurrency Market</strong></h2>
<p style="text-align: justify">Markus Thielen, research director at Matrixport, stated in the note, “This is an important development and indicates that US institutions and investors are embracing the news that a spot Bitcoin exchange-traded fund (ETF) will be approved soon.”</p>
<p><img decoding="async" class="aligncenter size-full wp-image-270048" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-Altcoin-ABD.png" alt="" width="1280" height="720"></p>
<p style="text-align: justify">ETFs trade on an exchange and track the price of an underlying asset. They are a highly effective investment product as they allow investors to access cryptocurrencies without having to buy and store the underlying cryptocurrencies themselves. Many analysts and trading companies expect the approval of a spot Bitcoin ETF in the US to lead to a influx of mainstream money into the industry.</p>
<p style="text-align: justify">Matrixport added that there are approximately 420 million to 440 million cryptocurrency owners worldwide, with 260 million in Asia, 54 million in North America, 38 million in Africa, 31 million in South America, and 1.5 million in Oceania. Although Asia is home to the largest group of cryptocurrency owners by far, individual investors and institutions in the US have much higher purchasing power.</p>
<h2 style="text-align: justify" id="strong-indicators-signal-a-pause-in-the-rise-of-bitcoin-and-altcoins-strong"><strong>Indicators Signal a Pause in the Rise of Bitcoin and Altcoins</strong></h2>
<p style="text-align: justify">Meanwhile, the note highlighted that the total value of the cryptocurrency market has exceeded $1.25 trillion, with the market cap increasing by 99% to reach $92 billion. Matrixport stated that Bitcoin still dominates with a 53% market share and continues to outperform even the most highly correlated altcoins.</p>
<p style="text-align: justify">According to Matrixport, current technical indicators suggest a possible pause in the recent rise of BTC and altcoins, warning investors.</p> Continue Reading: <a href="https://en.coin-turk.com/the-importance-of-the-us-market-for-the-cryptocurrency-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/the-importance-of-the-us-market-for-the-cryptocurrency-market/</a>

The Importance of the US Market for the Cryptocurrency Market

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