Bitcoin has fallen more than 20% from its peak after getting approval for a spot ETF
Bitget2024/01/23 15:06
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!
A welcome pack worth 6200 USDT for new users! Sign up now!
After the U.S. Securities and Exchange Commission decided to approve a Bitcoin spot ETF, Bitcoin has fallen more than 20% from its three-year high of $49,000 reached on January 11th. This is because investors who bought in anticipation of the U.S. approving a spot ETF sold off their Bitcoins after approval was confirmed.
Analysts at Deutsche Bank said that nearly $4 billion flowed into new spot
Bitcoin ETFs, particularly those operated by BlackRock and Fidelity, but $2.8 billion of it came out of Grayscale's funds. Grayscale is now an ETF and had previously dominated the regulated Bitcoin investment
market. Deutsche Bank also stated another factor contributing to the fall in
Bitcoin prices was bankrupt
cryptocurrency exchange FTX selling assets.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!
You may also like
Equinor announces Q1 2026 dividend of NOK 3.69 per share
Reuters•2026/08/20 05:50
AirAsia X suspends Sydney-Kuala Lumpur route amid cost pressures and softer demand
Reuters•2026/08/20 05:50
Cheffelo Q2 FY26 EBIT more than doubles to MSEK 44.4; net sales rise 26.6% to MSEK 331.2
Reuters•2026/08/20 05:49
Crypto prices
MoreBitcoin
BTC
$69,342.55
+7.99%
Ethereum
ETH
$2,244.51
+17.53%
Tether USDt
USDT
$0.9993
+0.01%
USDC
USDC
$0.9999
+0.00%
XRP
XRP
$1.1
+10.35%
Solana
SOL
$84.85
+10.51%
TRON
TRX
$0.3329
+0.07%
Hyperliquid
HYPE
$71.01
+21.82%
Dogecoin
DOGE
$0.07464
+6.75%
Zcash
ZEC
$551.78
+9.74%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now