#BitcoinPriceDrop #SEC #CryptoETFs #CryptoMarketCap #BitcoinETF #AltcoinMarket #CryptoMarket #BTCPrice
The value of Bitcoin has been plummeting since the US Securities and Exchange Commission (SEC) granted approval to multiple ETFs last week. This resulted in Bitcoin’s price plunging to its smallest level since mid-December 2023, which is less than $41,000. The scenario for other cryptocurrencies is quite identical with a substantial reduction of nearly $50 billion overnight in the combined cryptocurrency market capitalization.
During last week, the crypto market was highly unstable. When the SEC approved 11 spot BTC ETFs, investors reacted strongly which propelled Bitcoin to its highest value in almost two years standing at $49,000. This was the day when the ETFs were launched. The market, however, reacted with a massive sell off that saw the price of Bitcoin drop by $7000 from its peak. The situation worsened day by day, and the trend continued with Bitcoin’s value dropping below $40,800, marking the lowest it has been in a month. At present, Bitcoin’s value has slightly increased, standing just above $41,000, but this is still a 3.5% decrease compared to the previous day. The current market capitalization of Bitcoin is $810 billion, which is significantly smaller than its dominance over other cryptocurrencies, which is considerably less than 50%.
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/07/economics6-e1691656828815.jpeg
Comments are closed.