ETF rally washed away in Bitcoin: Price back under $40,000

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MUMBAI: After the approval of Spot Bitcoin Exchange Traded Funds (ETFs) by the US Securities Exchange Commission (SEC), Bitcoin has seen a price erosion in the last one week after crossing the $47,000 mark and falling below $40,000 in the last 24 hours. was Behind Bitcoin there was also an erosion in other cryptos.

For the first time since the launch of the ETF, Bitcoin has broken below $40,000. Late in the evening, the price was 38950 dollars. Another crypto Ethereum was also quoted at $2233.

Bitcoin came under pressure as institutional investors linked to ETFs sold. Bitcoin has fallen over twenty percent in the past week.

An analyst said that cryptocurrencies are still unable to compete against traditional assets such as domestic and foreign stock markets and precious metals.

Despite reports that Chinese authorities are considering providing $278 billion in incentives to support their stock market, crypto markets have not received support.

Analysts believe that any recovery in the Chinese economy will affect the global economy. The overall market cap of global cryptos, which had crossed $1.80 trillion after the ETF's approval, has now fallen to $1.64 trillion.

With ETFs getting the nod, derivatives traders in cryptos have also become active recently, as evidenced by money being invested in Bitcoin futures.


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