Advertisement
AD

Main navigation

Fidelity Bitcoin Investors Increase by 730% Amid Market Downturn

Advertisement
Wed, 25/05/2022 - 14:28
Fidelity Bitcoin Investors Increase by 730% Amid Market Downturn
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to Colin Wu, Fidelity Investments recently submitted its latest filing to the U.S. Securities and Exchange Commission (SEC) in which it states that the Bitcoin Index Fund has garnered a total of $126.5 million. In August 2020, the Wise Origin Bitcoin Index Fund went public, allowing Fidelity to give Bitcoin exposure to its investors.

Advertisement

In comparison to the previous reporting period, total investment growth has slowed. Fidelity's in-bound investments have decreased year over year, according to regulatory filings. Even though the fund's size has remained stable in the second year, the number of investors has risen from 83 to approximately 689, a phenomenal 730% increase over the previous year.

Fidelity announced in April that it would allow investors to invest in Bitcoin through their 401(k) retirement savings accounts. This move will empower employers to choose whether or not to expose their employees to Bitcoin in their retirement accounts.

Bitcoin price action

Bitcoin (BTC) recorded its eighth consecutive week of losses for investors for the first time in its history due to a bad macroeconomic mood, inflation fears and the Terra UST collapse.

The lead cryptocurrency was marginally higher, but it was still trading below $30,000. As investors clung to their risk-averse bearishness, several alternative cryptocurrencies, or "altcoins," rose to trade in the green, albeit by a small margin.

Bitcoin was changing hands at around $29,600 at the time of publication, up 1.18%. Ethereum, the second largest cryptocurrency by market capitalization, has recently gained less than 1%, while XRP, SOL and the meme cryptocurrency SHIB have all gained nearly 1%.

Monero, a privacy coin, was also up 5% in the last 24 hours, according to CoinMarketCap.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD