On Friday, Might 21, I took the plunge, shopping for 100 shares in Grayscale Ethereum Belief at $24.80 after headlines about China’s crackdown on crypto rattled markets.
The safety, ticker image “ETHE,” doesn’t confer direct possession in Ethereum, a significant cryptocurrency, however seeks to trace its worth actions. (The Securities and Alternate Fee is reviewing purposes for funds that maintain cryptocurrency instantly.)
Over the weekend crypto continued to get crushed. (Not like shares, cryptocurrency trades 24 hours a day, seven days every week.)
By early Monday, Might 24, I made a decision to money out as a winner. I bought all 100 shares at a worth of $24.84, a achieve of $4. (That is proper. There aren’t any lacking zeros. $4. Nearly sufficient to purchase a frappuccino.)
If I had held out until the top of the day, I might have ridden that place to a achieve of $26.32, sufficient to purchase frapuccinos for Newsday’s whole enterprise workers. A lot for crypto riches.
Disclosure: Ken Schachter nonetheless owns $127.57 (based mostly on a current accounting) price of bitcoin and some different cryptocurrencies.