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Bitcoin Drops to $60K After Launch of Second ETF

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Alex Dovbnya

Bitcoin bears are again within the driver’s seat simply two days after the cryptocurrency hit a brand new all-time excessive

The value of Bitcoin has careened to an intraday low of $60,618 on the Bitstamp trade following the launch of Valkyrie Bitcoin Strategy.

BTC
Image by tradingview.com

On Oct. 20, the highest cryptocurrency hit a brand new all-time excessive of $67,016 after the primary futures-based exchange-traded fund was launched by ProShares the day earlier than.

Bulls, nonetheless, have failed to maintain the momentum, with the flagship cryptocurrency now plunging 9.5% from the height.

Yesterday, the Bitcoin value additionally tanked 87% on Binance.US due to a bug in a buying and selling algorithm, however different exchanges weren’t affected by this irregular volatility.

The most up-to-date drop coincided with renewed weak point within the U.S. equities market. The Dow Jones Industrial Average (DJIA) turned crimson after Fed Chairman Jerome Powell advised a banking panel that the central financial institution is on monitor to taper month-to-month bond purchases:

The primary focus, now, of course, is on taper—and I believe the communication on that labored.

Powell additionally mentioned that inflation is anticipated to stay larger than anticipated effectively into the following yr due to a double-whammy of labor scarcity and provide chain points.

Despite the ETF hype, Bitcoin is the worst-performing coin within the high 10, with some altcoins remaining within the inexperienced regardless of of the latest correction.

Solana (SOL) is up by as a lot as 15%, in accordance to knowledge offered by CoinMarketCap.

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