Crypto Miners Top ASX ETF Gainers

Crypto mining and other digital currency industry Exchange Traded Funds (ETFs) led last week’s ETF price gains on the Australian Securities Exchange.

Bitcoin rose about over US$65,000 for the week hitting its highest level since Nov. 10, 2021. That is about $A100,000.

Local investors followed the lead of U.S. investors jumping into digital currency ETFs as spot bitcoin prices surged over the week on the prospect of the Federal Reserve cutting U.S. interest rates and investment in riskier assets.

“Bitcoin halving event”

Investors are feeling hopeful about an upcoming “halving” event in the world of Bitcoin according to Coinbase.  This event could push Bitcoin prices up as the hypothesis relates as it reduces incentives for miners, which is believed to slow down the increase in Bitcoin supply.

This reduction in the rate of supply growth is often seen as a bullish factor for Bitcoin prices because it makes each existing Bitcoin more scarce and potentially more valuable.

ASX ETF Gainers

The three local crypto ETFs leading the charge ¹:

Global X 21Shares Bitcoin ETF (ASX: EBTC) Gain +20.8%

Global X 21Shares Ethereum ETF (ASX: EETH) Gain +16.7%

Betashares Crypto Innovators ETF (ASX: CRYP) Gain +12.7%

 

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¹Global X Report

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