Shiba

Bitcoin

Dogecoin

Shiba Inu

<ul> 
 <li>Bitcoin and other cryptos decline following a recent surge amidst rising bond yields.</li> 
 <li>The lukewarm debut of a crypto ETF casts shadows on the market.</li> 
 <li>Experts weigh in on Bitcoin’s long-term prospects amidst current market dynamics.</li> 
</ul> 
<p><strong>With Bitcoin experiencing a downward shift and the unenthusiastic launch of new crypto ETFs, the crypto world finds itself at a crossroad, re-evaluating its long-term potential amidst fluctuating market conditions.</strong></p> 
<h2 id="strong-bitcoin-s-rollercoaster-ride-strong"><strong>Bitcoin’s Rollercoaster Ride</strong></h2> 
<p>After a recent peak, Bitcoin, along with other cryptocurrencies, witnessed a dip on Tuesday. Its price slid by 3% in the last 24 hours, settling below the $27,600 mark, following Monday’s high of $28,500. Despite this drop, Bitcoin has managed to stay afloat above the $26,000 threshold that had been its primary trading zone for nearly two months, characterized by low volatility and volume.</p> 
<h2 id="strong-market-experts-weigh-in-strong"><strong>Market Experts Weigh In</strong></h2> 
<p>Katie Stockton, a managing partner at Fairlead Strategies, shared her insights, noting, “Bitcoin has observed a positive short-term shift post breaking above the 50-day moving average around $26,500.” She added that significant initial support hovers around the $25,200 range and maintained a “long-term neutral” stance on the crypto giant.</p> 
<h2 id="strong-factors-influencing-the-crypto-dip-strong"><strong>Factors Influencing the Crypto Dip</strong></h2> 
<p>Several elements played a role in the recent sell-off. Bitcoin’s recent high since mid-August led to profit-taking, further compounded by the surge in Treasury yields – a trend echoing in the Dow Jones Industrial Average and S&amp;P 500’s performances. Elevated returns on risk-free government debt often suppress demand for riskier assets like stocks and cryptos. This sentiment was reinforced as the yield on the benchmark 10-year U.S. Treasury note surged to 4.7% on Tuesday, its zenith since 2007.</p> 
<h2 id="strong-crypto-etfs-a-cause-for-concern-strong"><strong>Crypto ETFs: A Cause for Concern?</strong></h2> 
<p>Adding to the market’s trepidation was the tepid launch of an Ether futures ETF, despite Bitcoin futures ETFs having been around since 2021. Seven of these ETFs went live on Monday after approval from the Securities and Exchange Commission. However, their debut lacked enthusiasm, as observed by Eric Balchunas, an ETF analyst at Bloomberg. Comparing the Ether futures ETFs to the ProShares Bitcoin Strategy ETF, he remarked on the stark contrast in their initial performances.</p> 
<h2 id="strong-waning-interest-in-crypto-strong"><strong>Waning Interest in Crypto?</strong></h2> 
<p>The lackluster Ether futures ETFs launch has traders speculating about dwindling investor interest in crypto. Hal Press, founder of crypto hedge fund North Rock Digital, opined that the current market environment suggests diminished demand for crypto ETF products. Beyond Bitcoin, other cryptocurrencies like Ether, Cardano, and memecoins like Dogecoin and Shiba Inu also experienced dips, further pointing towards a challenging period for the crypto domain.</p> 
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>While the world of cryptocurrencies has always been tumultuous, the recent events underscore the significance of external factors like bond yields and product launches in influencing market sentiment. The subdued response to new crypto ETFs, coupled with Bitcoin’s price dynamics, sends a clear message to investors: caution is paramount, and close monitoring of the evolving landscape is crucial to navigate the unpredictable seas of the crypto world.</p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-takes-a-hit-underwhelming-crypto-etf-launches-fuel-concerns/">Bitcoin Takes a Hit: Underwhelming Crypto ETF Launches Fuel Concerns</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>

Bitcoin Takes a Hit: Underwhelming Crypto ETF Launches Fuel Concerns

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