Bitcoin, along with other cryptocurrencies, fell significantly today, continuing the selling trend that followed the launch of the first spot Bitcoin ETFs. This trend provides further evidence that long-awaited regulatory approval is triggering the “sell the news” dynamic.
Over the past 24 hours, the Bitcoin price has fallen by 2.5% to $41,350, and more recently it dropped below $41,000. BTC had risen above $48,000 at certain points before the launch of the first spot Bitcoin ETFs in the US. But it has since fallen from those peaks, which represented the highest point for Bitcoin since the beginning of 2022.
Craig Erlam, an analyst at broker Oanda, commented on the situation:
“Bitcoin continues to struggle following spot ETF approvals. “While we haven't seen a dramatic drop, the price is still more than 15% below its high and has fallen below $42,000, which appeared to hold fairly well last month.”
Erlam also added that $40,000 could be the key level to watch now. Breaking this level would be a significant psychological blow and could potentially indicate a more intense post-ETF correction is on the horizon.
*This is not investment advice.
