Bitcoin and other cryptocurrencies were slipping Friday as the rally sparked by institutional interest in the sector faltered.
Bitcoin has fallen 0.2% to $30,025 over the past 24 hours. The largest cryptocurrency wavered between levels above and below $30,000 after steady gains during the week that sent it to its highest levels since April.
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Bitcoin and other cryptocurrencies were slipping Friday as the rally sparked by institutional interest in the sector faltered.
Bitcoin has fallen 0.2% to $30,025 over the past 24 hours. The largest cryptocurrency wavered between levels above and below $30,000 after steady gains during the week that sent it to its highest levels since April.
Buying interest appeared to be on hold after a flurry of news around institutional interest in cryptocurrencies, including the launch of a new crypto exchange backed by Wall Street firms and applications from BlackRock (ticker: BLK) and other firms to launch exchange-traded funds which would own Bitcoin.
“Should BlackRock or other firms be successful in this endeavor for a spot Bitcoin ETF, this may incite competition for spot-Bitcoin ETFs, incentivize firms to create other spot-crypto ETFs, and/or pave the way for other crypto productions that incorporate traditional financial instruments,” analysts at J.P. Morgan wrote in a research note.
Beyond Bitcoin, Ether —the second-largest crypto—was down 1.0% to $1,886. Smaller cryptos, or altcoins, also were falling, with Cardano down 2.5% and Polygon falling 3.6%. Dogecoin dropped 1.9%.
Write to Adam Clark at adam.clark@barrons.com