Should Bitcoin rise 40% to $ 28,000 by the end of the year? ETFs to play – July 6, 2022
Bitcoin has gone into a tailspin this year along with the broader market crash. The price of this cryptocurrency has fallen more than 57% this year to $ 20K at the time of writing. In particular, bitcoin reached a record high of $ 67.5,000 in November 2021.
Against this scenario, analysts at Deutsche Bank – Marion Labor and Galina Pozdnyakova – commented that the cryptocurrency market is “very fragmented” and may continue to fall in the near future. However, they believe that bitcoin could lose $ 28,000 by the end of the year, if it maintains its close correlation to US equities, according to an article on CryptoPotato.com.
Deutsche Bank’s experts pointed out that bitcoin’s price charts have so far moved quite closely with US equities. Labor and Pozdnyakova expect the S&P 500 to reach its January levels by the end of 2022, and the key cryptocurrency bitcoin may follow. If it holds up well, bitcoin could jump to even more than $ 28,000.
On this backdrop, below, we highlight a few ETFs that can be achieved if any relief comes in the crypto area.
ETFs in focus
Innovators ETF (BITQ – Free report)
The underlying Bitwise Crypto Innovators 30 index measures the performance of companies involved in serving the cryptocurrency markets, including crypto-mining companies, crypto-mining equipment suppliers, crypto-financial services companies or other financial institutions serving primarily crypto-related clients. It charges 85 bps.
VanEck Digital Transformation ETF (DAPP – Free report)
The underlying MVIS Global Digital Assets Equity Index is a rules-based, modified capitalization-weighted, flow-adjusted index designed to provide investors with a means to track the overall performance of the global digital asset segment. It charges 50 bps.
Defiance Digital Revolution ETF (NFTZ – Free report)
The underlying BITA NFT and Blockchain Select index is rule-based and consists of the joint holdings of companies that earn most of their income from activities in the blockchain and cryptocurrency ecosystems or with exposure to the NFT ecosystem. It charges 65 bps.
iShares Blockchain And Tech ETF (IBLC – Free report)
The underlying NYSE FactSet Global Blockchain Technologies Index consists of US and non-US companies involved in the development, innovation and use of blockchain and crypto technologies. The fund charges 47 bps.
