2024

Bitcoin

Toncoin

<a href="https://bitcoinworld.co.in/btc-etfs-hype-is-over-as-bitcoin-price-drops-to-2024-lows/" title="BTC ETFs Hype Is Over As Bitcoin Price Drops To 2024 Lows" rel="nofollow"></a>
The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) has triggered a significant sell-off, leading to a sharp decline in the Bitcoin price. 
The highly volatile moves after the approval of the first US spot Bitcoin ETFs continued in the past 24 hours, with a massive dump to under $41,600. 
After gaining approval and commencing trading on Thursday, the ETFs have prompted a “sell the news” event, causing Bitcoin’s value to plummet from its initial trading price of $46,500 at the time of approval to a low of $43,200 within a matter of hours on Friday. 
Over the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 7% drop.&nbsp; 
Its gains over the past 30 days have been limited to a mere 4%, erasing much of the progress made during that period.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/vanguard-have-no-plans-to-allow-spot-bitcoin-etf-trading-on-its-platform/" aria-label="“Vanguard Have No Plans To Allow Spot Bitcoin ETF Trading On Its Platform” (Edit)">Vanguard Have No Plans To Allow Spot Bitcoin ETF Trading On Its Platform</a> 
<h3 id="span-style-font-weight-400-btc-s-volatility-returns-span">BTC’s Volatility Returns</h3> 
Bitcoin and the entire cryptocurrency industry had a very eventful week, in which the US SEC was expected to approve the first spot BTC ETFs in the country.&nbsp; 
While that indeed transpired on Wednesday, it didn’t go without its own set of hiccups, including a hack on the previous day with fake news, deleted and reposted statements, as well as controversial words from the agency’s chairman – Gary Gensler. 
Naturally, this all resulted in enhanced volatility, with multiple massive price movements from BTC.&nbsp; 
After the ETFs reached the US markets on Thursday, the asset first soared to a 21-month peak at over $49,000 before it crumbled by three grand in minutes. 
The landscape was less volatile on Friday, but only during the Asian and European trading hours.&nbsp; 
As the US trading hours were coming to an end, the primary digital asset slumped to under $41,600 for just the second time since the start of 2024. 
As of now, it has reclaimed some ground and stands <a href="https://coinstats.app/coins/bitcoin/">close</a> to $43,000. Its market cap, though, is down to $843 billion, and so is its dominance – 50% on CMC now. The metric had soared to over 53% earlier this week. 
<figure id="attachment_62419" aria-describedby="caption-attachment-62419" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-62419" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-13-483x300.png" alt="" width="609" height="378" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-13-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-13.png 760w" sizes="(max-width: 609px) 100vw, 609px">
 <figcaption id="caption-attachment-62419" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/robinhood-lists-all-11-spot-bitcoin-etfs-on-trading-app/" aria-label="“Robinhood Lists All 11 Spot Bitcoin ETFs On Trading App” (Edit)">Robinhood Lists All 11 Spot Bitcoin ETFs On Trading App</a> 
<h3 id="span-style-font-weight-400-altcoins-see-red-span">Altcoins See Red</h3> 
Although most altcoins are in the red now, some have suffered less than others. Such is the case with Ethereum, which is down by a more modest 2.6% to $2,550.&nbsp; 
<figure id="attachment_62421" aria-describedby="caption-attachment-62421" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-62421" src="https://bitcoinworld.co.in/wp-content/uploads/Altcoins-see-red-657x300.webp" alt="" width="736" height="336" srcset="https://bitcoinworld.co.in/wp-content/uploads/Altcoins-see-red-657x300.webp 657w, https://bitcoinworld.co.in/wp-content/uploads/Altcoins-see-red.webp 766w" sizes="(max-width: 736px) 100vw, 736px">
 <figcaption id="caption-attachment-62421" class="wp-caption-text">
 Altcoins see red
 </figcaption>
</figure> 
&nbsp; 
Binance Coin (BNB), Ripple (XRP), Dogecoin, and Toncoin have also declined by less than 5%. 
At the same time, assets like SOL, ADA, AVAX, MATIC, BCH, DOT, and ATOM have slumped by more than 5% and up to 11% in the case of BCH. 
The total crypto market cap has seen $80 billion gone in a day and is down under $1.7 trillion on CMC. 
The post <a href="https://bitcoinworld.co.in/btc-etfs-hype-is-over-as-bitcoin-price-drops-to-2024-lows/">BTC ETFs Hype Is Over As Bitcoin Price Drops To 2024 Lows</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

BTC ETFs Hype Is Over As Bitcoin Price Drops To 2024 Lows

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