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Bitcoin Price Drops Below $45,000 – Euphoria Around Spot ETFs
Now at less than $44,000, a Bitcoin unit costs almost $5,000 less than it did the day before. A day after the launch of bitcoin spot ETFs in the US, the recent euphoria seems to be giving way to a more relaxed approach at first. Given the recent bull market, investors may be letting off steam early on. It remains questionable whether bargain hunters will use the pullback as a re-entry to push prices back to old highs.
After rising above $49,000 – investors cash out
Yesterday, Bitcoin rose above $49,000, its highest level since December 2021.
Bitcoin and Co are likely to continue to be under pressure, especially given the upcoming weekend, when the traditional stock market gates are closed.
Last Wednesday and Thursday, a total of 11 Bitcoin spot ETFs were approved by the Securities and Exchange Commission (SEC), a relevant regulatory authority, for the first time in the United States.
The bottom line is that this has been a historic trading week for investors. Bitcoin and Co are now officially socially acceptable and here to stay. As of yesterday, Wall Street cannot ignore the crypto sector.
And prices can be capricious – investors should be prepared to take more profits
However, on the other hand, the recent euphoria should also be cautioned. The initial launch of the Bitcoin Spot ETF should not be seen as a panacea for the burning problems in the crypto industry. Regulatory pressure will increase on both sides of the Atlantic in 2024 and the already used thumbs will tighten further.