Alex Omenye
Despite the United State’s government endorsing Bitcoin Spot ETFs, the price of bitcoin fell precipitously in January.
A striking contrast to the lofty trusts that the cryptocurrency sector had before the SEC made its decision.
Bitcoin ETFs have sparked intensely optimistic estimates for the price of BTC and have been hailed as a lot easier option for regular people to participate to Bitcoin.
Bitcoin saw its worst run in almost a month as interest in the announcement of new US spot exchange-traded funds for the largest digital currency began to wane.
It dropped for three straight days until the beginning of this week, which was its longest losing run since mid-December. Together with Ethereum and the popular Solana, smaller cryptocurrencies also saw a decline.
Harder macro conditions have recently harmed Bitcoin, as seen by increasing interest rates and a surging currency.
Two weeks ago, when the US Securities and Trade Commission approved eleven spot BTC ETFs, Bitcoin saw increased market volatility. For the first time since 2022, the resource was taken off above $49K on the day the products were online on US exchanges. Subsequently, its decline became evident; at that juncture, it fluctuated and fell below the $43,000 support level. Following a week of sideways trading during which the leading cryptocurrency asset appeared to lose its positive momentum, this action was taken.
It is currently trading at about $39K, $10,000 less than its peak in January and at its lowest point this month. 126,807 were liquidated in the last 24 hours, bringing the total liquidations to $332.83 million. The largest liquidation agreement, valued at $5 million, occurred on Bybit.
