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Crypto Price Recovery Lifts Bitcoin and Blockchain ETFs (Cryptocurrency: BTC-USD)

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Bitcoin-focused exchange-traded funds (BTC-USD) and blockchain technology were higher in Wednesday’s trading, boosted by gains in the overall cryptocurrency market.

After trading at $15,766 on Monday, as crypto broker Genesis warned against possible bankruptcybitcoin (BTC-USD) bounced above the $16,400 level, including a gain of around 2% Wednesday. Ethereum (ETH-USD) got up from 3% at $1,159, Dogecoin (DOGE-USD) jumped up 4% at $0.08, and Binance Coin USD (BNB-USD) +13% at $297.2.

The rally in BTC-USD boosted sector-related ETFs. Here are some of the biggest bottoms in space, along with their intraday movement:

ProShares Bitcoin Strategy ETF (BITO) +2.4%Valkyrie Bitcoin Strategy ETF (BTF) +2.3%VanEck Bitcoin Strategy ETF (XBTF) +1.4%Invesco Alerian Galaxy Crypto Economy ETF (SATO) +2.9%Global X Blockchain & Bitcoin Strategy ETF (PARTS) +2%Global X Blockchain ETF (BKCH) +2.2%VanEck Vectors Digital Transformation ETF (DAPP) +2.4%and ETF Bitwise Crypto Industry Innovators (BITQ) +1.4%.

Within funds, many of the biggest names in the industry have benefited from the rally. Here are some of the crypto and blockchain related names showing their strength, as well as their intraday gains on Wednesday:

Robinhood Markets (HOOD) +2.4%Coinbase Global (PIECE OF MONEY) +4%Bakkt Holdings (BKKT) +1.8%Digital Marathon (MARA) +0.23%Riot Blockchain (RIOT) +6.6%Hut 8 Mining (HUT) +3%MicroStrategy (MSTR) +1.5%Blockchain technologies HIVE (HIVE) +2.4%and Argo Blockchain (ARBK) +2%.

Cryptocurrency prices plunged in November after Sam Bankman-Fried fallout Empire FTX and follow-up to Genesis bankruptcy warning as he scrambles for funding.

Over a period of one year, BTC-USD lost more than 71% of its value.

Earlier today, Cathie Wood reiterated her view that Bitcoin will reach $1M by 2030. For the bearish outlook, see why Seeking Alpha contributor Daniel Jones sees coming Bitcoin crash.

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