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Bitcoin has fallen more than 20% from its peak after getting approval for a spot ETF
Bitget2024/01/23 15:06
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.
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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.
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