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Crypto Volatility Causes Losses of up to IDR 3.2 Trillion in a Day

Previously, asset management giant BlackRock filed paperwork on Thursday, June 15, 2023 to launch an exchange-traded fund for Bitcoin or Bitcoin ETF as it is often called.

This submission pushed the price of crypto assets, especially Bitcoin to strengthen in recent weeks. How does BlackRock’s move impact the crypto industry as a whole?

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An Exchange Traded Fund (ETF) is a type of security that tracks the price of an index, sector, commodity or other asset, and these assets can be bought or sold on a stock exchange in the same way as common stock.

Whereas, Bitcoin ETFs are exchange-traded funds that specifically track the price of cryptocurrencies and allow traders to try their hand at entering the crypto market without directly owning the crypto asset.

Ajaib Kripto Financial Expert, Panji Yudha explained that the steps taken by BlackRock had a domino effect and encouraged traditional financial companies to enter the digital asset industry.

“After BlackRock, on June 20, Deutsche Bank, with total assets of USD 1.3 trillion, submitted an application for a Digital Asset License, applying for an Operation Permit as a Crypto Custodian in Germany,” Panji said in a discussion on the July 2023 Bitcoin Projection, Tuesday (27 /6/2023).

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Apart from Deutsche Bank, on June 21, Invesco, with total assets of USD 1.4 Trillion or the equivalent of IDR 20,990 trillion (assuming an exchange rate of IDR 14,993 per US dollar), reactivated the application for Bitcoin ETFs.

On the same date Wisdom Tree, with total assets of USD 89 billion or the equivalent of IDR 1,334 trillion submitted an application for a Bitcoin ETF.

Crypto Volatility Causes Losses of up to IDR 3.2 Trillion in a Day

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