Bitcoin ETF

Spot

Coin

<ul class="news-points"> 
 <li>SkyBridge Capital’s founder comments that BTC’s decline following the ETF approval is partially due to GBTC’s selling pressure.</li> 
 <li>Scaramucci also relates Bitcoin’s downward trend to FTX’s increasing sale of Bitcoin.</li> 
 <li>Despite bullish predictions on BTC, the crypto experienced a bearish track following the ETF approval.</li> 
</ul> 
Bitcoin has been witnessing a downward trend since the Securities and Exchange Commission’s (SEC) <a href="https://coinedition.com/sec-commissioners-divide-over-spot-bitcoin-etf-decision-report/">approval</a> of the Spot Bitcoin ETF launch. Anthony Scaramucci, the founder of the investment management firm SkyBridge Capital, recently<a href="https://www.bloomberg.com/news/articles/2024-01-12/scaramucci-says-grayscale-etf-sales-helped-fuel-bitcoin-decline" target="_blank" rel="nofollow"> commented</a> that Bitcoin’s decline is partially driven by the selling pressure of Grayscale’s GBTC. 
Despite anticipating a <a href="https://www.cnbc.com/2024/01/12/crypto-bulls-see-bitcoin-flying-to-100000-with-etf-approval.html" target="_blank" rel="nofollow">bull market</a> following the Bitcoin ETF launch, Bitcoin experienced a notable decline after the SEC’s move. Bitcoin, which stood around 46k on January 10, went down to $44,914 on January 11. With fluctuations over the last 2 days, Bitcoin<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="nofollow"> currently</a> stands at a price of $43,064.73, with a substantial decline of 6.74% in one day. The cryptocurrency’s current price marks a decrease of 1.38% in one week and 5.13% in one month. 
C…
The post <a href="https://coinedition.com/why-does-bitcoin-decline-following-the-secs-etf-approval-an-analysis/">Why Does Bitcoin Decline Following the SEC’s ETF Approval? An Analysis&nbsp;</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Why Does Bitcoin Decline Following the SEC’s ETF Approval? An Analysis

Coin Edition

Other articles published on Jan 13, 2024

Vanguard doubles down on anti-Bitcoin stance, pulls support for BTC futures ETFs

SEC Chair Gensler Addresses Bitcoin ETF Irony, Respects Warren and the Law

Cardano (ADA) Gains Momentum as Next Big ETF Candidate

Unusual Volume Increases Observed in 5 Altcoins on South Korea’s Largest Cryptocurrency Exchange

Cardano’s Remarkable Growth: A Year in Review and Future Prospects

Ed McGee Discusses Grayscale’s New Chapter Post Bitcoin ETF Approval

Join our free newsletter for daily crypto updates!