Cryptocurrency crash: Bitcoin and other currencies in steep decline after expected reversal with ETF funds
The world’s most famous cryptocurrency, Bitcoin, experienced a nearly 100,000-crore drop in its value, falling below the 900,000-crore mark on Tuesday. Other cryptocurrencies have also suffered this significant drop, as data from specialist server CoinMarketCap shows.
In recent months, cryptocurrency prices have been rising mainly in anticipation of the approval of bitcoin ETFs in the United States. However, the approval of 11 bitcoin ETF funds in the first half of January did not lead to further growth, but instead to a sharp decline. Following the approval on January 11, bitcoin reached its highest value since the end of the year, trading at CZK 1,094,349. However, over the next five days, the value fell to CZK 972,903. During the past week, it rose slightly to CZK 989,918, but then fell again, reaching CZK 894,615 on Tuesday morning.
Similar to Bitcoin, other cryptocurrencies are also weakening. Virtual coins such as Sats, Bonk, Sei, ORDI, Arbitrum, Oasis Network, NEAR Protocol and BitTorrent have seen double-digit declines in value, ranging between 22.75% and 30.27%. On the other hand, several cryptocurrencies, including Siacoin, Ronin, Manta Network and Pyth Network, saw growth in the last week. Ethereum, the second most popular cryptocurrency, also lost value, with its exchange rate dropping from C$59,346 to C$51,680 since last week. Ethereum’s depreciation followed a similar trend to Bitcoin, which recently peaked with the approval of an ETF and subsequently saw a decline.
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