Bitcoin price dips 10% as trading in ETF begins
Last week Bitcoin surged to a 2-yr high of $49,000; Spot Bitcoin ETF set to develop into a $100-bn product
image for illustrative purpose
Cryptocurrency
- Bitcoin ETFs began trading in the US
- Shares of crypto exchange Coinbase tumbled 7.4%
- Bitcoin posted massive 80% rally since early Oct
San Francisco: The price of Bitcoin nosedived to around $42,000, plunging almost 10 per cent, after the spot Bitcoin exchange-traded funds (ETFs) started trading in the US. Bitcoin reached a high of $46,000 last week and surged to a two-year high of $49,000 last week, when bitcoin ETFs began trading in the US. Shares of crypto exchange Coinbase tumbled 7.4 per cent after the bitcoin ETF news, reports Coindesk. Bitcoin has posted a massive 80 per cent rally since early October.
“The recent dynamics in Bitcoin have not lived up to the expectations set by many Bitcoin maximalists, with the asset failing to break the $50k mark, and the hype surrounding ETFs showing signs of cooling down,” according to Crypto research firm Swissblock.
“The critical question now is whether the market can sustain upward momentum,” it said in its market report.
