This Week in Coins: Despite ETF Hype, Bitcoin and Ethereum Plunge Hard
Last week, it was closing in on $49,000.
The long-awaited Bitcoin ETFs have been a roaring success—with BlackRock’s iShares ETF collecting over $1 billion in assets under management.
So, why the dip in price? It probably has something to do with investors cashing out their gains from the initial ETF hype.
Some analysts said that ETF approval had already been “priced in.” This likely means that traders and investors were unlikely to continue buying after the approval was made official.
The rest of the crypto market has been hit hard over the past week, too. Solana (SOL) has shed over 7% of its value in the past week and is priced at $92.38.
Meanwhile, Ethereum (ETH), the second-biggest digital coin, has lost 8% of its value in the past week. It’s now priced at $2,466.
Following the U.S. Securities and Exchange Commission’s approval of 10 spot BTC ETFs, the crypto sphere is now awaiting spot ETH ETFs to drop.
Wall Street’s top regulator on Thursday pushed back its deadline for a decision on Fidelity’s proposed spot Ethereum ETF to March 5, leading to a price dip in the asset.
The entire crypto market now stands at $1.7 trillion, having dropped by 2.8% in the last 24 hours.