Fidelity's FBTC Plunges by $120 Million in First Day

Fidelity's FBTC, an investment product tied to Bitcoin, has suffered significant losses after just one day of trading. According to TipRanks, FBTC lost a staggering $120 million in value on its first day.

The losses come as the price of Bitcoin itself slumps, testing investor nerves and raising questions about the volatility of digital assets. Fidelity's product allows investors to gain exposure to Bitcoin without actually owning it, but this has also meant that losses can be substantial when prices drop.

FBTC is just one example of a financial instrument tied to cryptocurrencies like Bitcoin. Other products are available from various providers, allowing investors to speculate on the price movements of digital assets without taking actual ownership.