Ethereum
Bitcoin Falls 4% in Wide Pullback as Eight Ethereum ETFs Ready to Launch – TradingView News
Key points:
- Bitcoin falls 4% to $67,400.
- Ether holds gains near $3,900.
- Eight ETH ETFs are expected to go live.
Illustration by TradingView
The OG token is down about 8% from its all-time high as “buy the rumor, sell the news” prompts traders to reverse their bets on risky assets.
- Bitcoin Prices (BTCUSD) fell about 4% over the past day, as investors’ animal spirits over planned launches of Ethereum exchange-traded funds calmed. Cryptocurrency markets I went crazy last week when rumors spread that the Securities and Exchange Commission might give approval on new Ether-based investment vehicles. And that’s what happened: eight ETH ETFs are about to launch.
- Markets could be playing the good old “buy the rumor, sell the news” narrative now that Ether ETFs are approved. In anticipation of the live date, Ethereum (ETHUSD) held steady at nearly $3,900 per coin, down from a three-month high of just under $4,000. Bitcoin was also hit to start the week with its price falling from $70,600 on Monday to $67,400 per unit on Tuesday morning.
- This latest regulation the green light is another milestone for the crypto space. The newly created Ether ETFs, issued by some of the largest asset managers like BlackRock, will be placed right next to the Bitcoin ETF launched in January. Increased volatility could be expected over the coming days as crypto enthusiasts look to position themselves for high-frequency trading actions.